Question

A small company wants you to develop a small application to keep customers informed when trying to purchase a new car. Write me a quick program (dialog boxes optional) that prompts a user to enter the following information:

• The price of the car (10pts)
• The length of the loan in months (10pts)
• The estimated percentage interest rate (10pts)

Use the formula:

payments = price (rate/12)/ (1 - (1 + (rate/12))^-months) to calculate the payments. (30pts)

For example, a 3 year (36 month) loan of $15,000 at 7% interest would look like this:

15000 ( 0.07/ 12 )

             ------------------------------
                                       -36
                (1 - ( 1 + (0.07 / 12))    )

The payment for this car will be $463.16 per month.

Java does not recognize the ^ for exponentation. You are to research the method to perform exponentation in this language. (10pts)

Initialize all variables (10pts)

Output the payment (10pts)

Before submission declare the package payments; at the top of the file after your name documentation. (5pts)

Remember to only submit the .java file. (5pts)

Answer 1

Hopefully all yours doubt will clear if you have left with any doubt please let me know in comment. I will try my best to resolve that.

Here I am posting code and screenshot of output.

Code :-

// import library such as Math for pow method and Util.* for Scanner
import java.util.*;
import java.lang.Math;
public class Payment
{

    public static void main(String []args)
    {
        // take user input for price ,months and rate
        System.out.println("Enter price of the car");
        Scanner sc = new Scanner(System.in);
        double price = sc.nextDouble();
        System.out.println("Enter length of the loan in months");
        double months = sc.nextDouble();
        System.out.println("Enter estimated rate percentage interest rate");
        double rate = sc.nextDouble();
        // calculate power
        double payment = price*(rate/12)/(1-Math.pow((1+(rate/12)),-months));
        // display result
        System.out.println("payment is : "+payment);
    }
}

Screenshot of the output :-

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