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.
Java Mortgage Calculation Program
Please help me modify the attached Java Programming File so that it will display
the mortgage payment amount for each loan and then list the loan balance and interest paid for each payment over the term of the loan. Use loops to prevent lists from scrolling off the screen.
Write the program in Java (without a graphical user interface) and have it calculate the payment amount for 3 mortgage loans:( with the default loan of $200000)
? 7 year at 5.35%
? 15 year at 5.5%
? 30 year at 5.75%
Use an array for the different loans. Display the mortgage payment amount for each loan and then list the loan balance and interest paid for each payment over the term of the loan. Use loops to prevent lists from scrolling off the screen.