Non-GUI mortgage calculator in Java (with arrays)
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Write the program in Java (without a graphical user interface) and have it calculate the payment amount for 3 mortgage loans:
- 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.
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Solution Summary
This solution shows a non-GUI mortgage calculator written in Java using arrays.
Solution Preview
We start this solution by creating a method that can handle one loan configuration. This method takes in a rate, principle, and term. With the given data the method calculates the monthly payment. The monthly payment is displayed and then the payment schedule is printed.
Calculating the monthly payment is not just a matter of dividing the principle by the term. The problem is that interest is compounded on the payment. The formula for calculating the monthly payment is:
M = P ( i(1 + ...
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