Question

1. Class name: FinancialApplication a. Your program will compute the interest on the next monthly payment. To find out the formula to compute the interest, you need to think how you will use the balance and annual interest rate. You have to be very carefully considering how you will find out the monthly interest rate. As you know rate is percentage. For example, if you enter yearly rate as 5%, it means 0.05. And remember this is a yearly rate not a monthly rate. b. Your program will ask the user to enter the balance and the annual interest rate. c. Your program will read the balance and the annual percentage interest rate and display the interest for the next month.

Answer 1

Thanks for posting the question.

To calculate the monthly accrued interest on a loan or investment, you first need to determine the monthly interest rate by dividing the annual interest rate by 12. Next, divide this amount by 100 to convert from a percentage to a decimal.

Here is the program

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public class FinancialApplication {


    public static void main(String[] args) {
    Scanner scanner  = new Scanner(System.in);
        System.out.println("========================================");
        System.out.println("WELCOME TO FINANCIAL APPLICATION PROGRAM");
        System.out.println("========================================");

        System.out.print("Enter Balance($): ");
        double amount = scanner.nextDouble();

        System.out.print("Enter Annual Interest(%): ");
        double interestRate = scanner.nextDouble();

        double interestPayable = (amount*interestRate)/1200;

        System.out.println("Interest Payable for next month($): "+String.format("%.2f",interestPayable));
    }
}

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thank you !