Question

Write a Java program and Flowchart that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 10%, with an increment of 1/4.

????ℎ????????? = ?????????? × ????ℎ?????????????? / 1 − 1 (1 + ????ℎ??????????????) ????????????? ×12

????????????? = ????ℎ????????? × ????????????? × 12

Answer 1

SOURCE CODE:

*Please follow the comments to better understand the code.

**Please look at the Screenshot below and use this code to copy-paste.

***The code in the below screenshot is neatly indented for better understanding.

import java.util.Scanner;
import java.lang.Math;
class Loan
{
   public static void main (String[] args)
   {
   Scanner sc=new Scanner(System.in);
  
       System.out.println("Enter Loan Amount: ");
       double loanAmount = sc.nextDouble();
      
       System.out.println("Enter Loan Period in years: ");
       double numberOfYears = sc.nextDouble();
      
       double interest = 5; // 5%
      
       while(interest<=10)
       {
       double monthlyInterestRate = interest/100;
      
       //print the data
       double monthlyPayment=loanAmount*monthlyInterestRate/1-(1+monthlyInterestRate)*numberOfYears*12;
       double totalPayments = monthlyPayment * numberOfYears * 12;
       System.out.println("Interest: "+interest+"%, Monthly Payment: "+monthlyPayment+", Total Payments: "+totalPayments);
      
       //increase by 1/4
       interest += (double)1/4;
       }
   }
}

===============

OUTPUT:

Enter Loan Amount:
15000
Enter Loan Period in years:
2
Interest: 5.0%, Monthly Payment: 724.8, Total Payments: 17395.199999999997
Interest: 5.25%, Monthly Payment: 762.24, Total Payments: 18293.760000000002
Interest: 5.5%, Monthly Payment: 799.68, Total Payments: 19192.32
Interest: 5.75%, Monthly Payment: 837.12, Total Payments: 20090.88
Interest: 6.0%, Monthly Payment: 874.56, Total Payments: 20989.44
Interest: 6.25%, Monthly Payment: 912.0, Total Payments: 21888.0
Interest: 6.5%, Monthly Payment: 949.44, Total Payments: 22786.56
Interest: 6.75%, Monthly Payment: 986.8800000000001, Total Payments: 23685.120000000003
Interest: 7.0%, Monthly Payment: 1024.32, Total Payments: 24583.68
Interest: 7.25%, Monthly Payment: 1061.76, Total Payments: 25482.239999999998
Interest: 7.5%, Monthly Payment: 1099.2, Total Payments: 26380.800000000003
Interest: 7.75%, Monthly Payment: 1136.64, Total Payments: 27279.36
Interest: 8.0%, Monthly Payment: 1174.08, Total Payments: 28177.92
Interest: 8.25%, Monthly Payment: 1211.52, Total Payments: 29076.48
Interest: 8.5%, Monthly Payment: 1248.96, Total Payments: 29975.04
Interest: 8.75%, Monthly Payment: 1286.4, Total Payments: 30873.600000000002
Interest: 9.0%, Monthly Payment: 1323.84, Total Payments: 31772.159999999996
Interest: 9.25%, Monthly Payment: 1361.28, Total Payments: 32670.72
Interest: 9.5%, Monthly Payment: 1398.72, Total Payments: 33569.28
Interest: 9.75%, Monthly Payment: 1436.16, Total Payments: 34467.840000000004
Interest: 10.0%, Monthly Payment: 1473.6, Total Payments: 35366.399999999994

SCREENSHOT: