Modify the Mortgage Calculator Design to calculate and display the payment amount for each of three loans:
a 7 year at 5.35%
b 15 year at 5.5%
c 30 year at 5.75%
The program does not need to print an amortization table for the loans, just the payment amount. The payment amount needs to be two decimal points. The loan data should be held in an array.
I have provided the original loan amount below and the formula to be used. I also included the java program attachment.
**Please note the loan amount is principal = $200,000.
**Basic payment formulaTo calculate the mortgage payment, use the following formula:
PMT = (PV x IR) / (1 - (1 + IR)-NP)
Java implementation: PMT = (PV * IR) / (1 - Math.pow(1 + IR, -NP))
PMT = Monthly Payment
PV = Principle Value (amount of loan)
IR = Interest Rate, by month
NP = Note Period, or mortgage term in months
IR = APR / 100 / 12
NP = Years * 12 (for example, 5 years means NP = 60)
APR = Annual Percentage Rate (for example 6.25)
Use the formula above when APR > 0.
If APR = 0 (an interest-free loan), then PMT = PV / NP.
A Java array for modified mortgage calculators are examined.