Java Program: Payment - Edubirdie

University:
California State University, Northridge
Course:
COMP 110 | Introduction to Algorithms and Programming and Lab
Academic year:

2023
Views:

93

Pages:

1
Author:

Samuel K.

Create a Java program called Payment that calculates monthly and total loan payments based on user input for loan amount, interest rate, and number of years. The program should use the formula for calculating monthly payments on a loan. Display the monthly payment and total payment amounts with two decimal places. The provided code gives you a starting point. Your task is to complete the implementation of the Payment class. Ensure that the program correctly takes user input, performs the necessary calculations, and displays the results in the specified format. ANS: import java.util.*; public class Payment { public static void main(String[] args) { Scanner input = new Scanner(System.in); System.out.print("Enter loan amount: "); double amount = input.nextDouble(); System.out.print("Enter interest rate: "); double interestRate = input.nextDouble(); System.out.print("Enter number of years: "); int years = input.nextInt(); double monthlyInterestRate = interestRate / 1200; double monthlyPayment = (amount * monthlyInterestRate) / (1.0(1.0/Math.pow(1+monthlyInterestRate,years*12))); double totalPayment = monthlyPayment * 12 * years; System.out.printf("%.2f\n",monthlyPayment); System.out.printf("%.2f\n",totalPayment); } }

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