📄 exercise3_26.java
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//Exercise3_26.java: displays the monthly and total payments
//for each interest rate starting from 5% to 8%,
//with an incremental of 1/8.
import javax.swing.JOptionPane;
public class Exercise3_26 {
// Main method
public static void main(String[] args) {
int numOfYears;
double loanAmount;
// Enter number of years
String numOfYearsString = JOptionPane.showInputDialog(null,
"Enter number of years as an integer, \nfor example 5:",
"Exercise3_26 Input", JOptionPane.QUESTION_MESSAGE);
// Convert string to int
numOfYears = Integer.parseInt(numOfYearsString);
// Enter loan amount
String loanString = JOptionPane.showInputDialog(null,
"Enter loan amount, for example 120000.95:",
"Exercise3_26 Input", JOptionPane.QUESTION_MESSAGE);
// Convert string to double
loanAmount = Double.parseDouble(loanString);
// Display the header
System.out.print("Interest Rate");
System.out.print("\t" + "Monthly Payment");
System.out.println("\t\t" + "Total Payment");
double monthlyInterestRate;
double monthlyPayment;
double totalPayment;
for (double annualInterestRate = 5.0; annualInterestRate <= 8.0;
annualInterestRate += 1.0 / 8) {
// Obtain monthly interest rate
monthlyInterestRate = annualInterestRate / 1200;
// Compute mortgage
monthlyPayment = loanAmount*monthlyInterestRate/
(1 - (Math.pow(1 / (1 + monthlyInterestRate), numOfYears * 12)));
totalPayment = monthlyPayment * numOfYears * 12;
// Display results
System.out.print(annualInterestRate + "%");
System.out.print("\t\t" + (int)(monthlyPayment * 100) / 100.0);
System.out.println("\t\t\t" + (int)(totalPayment * 100) / 100.0);
}
System.exit(0);
}
}
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