package test: import java.util.Scanner; public class IntrestRate { public static

Question

package test:
import java.util.Scanner;
public class IntrestRate
{
public static void main(String[] args)
{
double saving,interestRate,first,second,third,fourth; // variable declaration
Scanner sc = new Scanner(System.in); // Scanner declaration
System.out.print("Enter initial saving value:");
saving=sc.nextDouble(); // Accept savings
System.out.print("Enter interest rate:");
interestRate=sc.nextDouble(); // Accept interest Rate
first = saving + (interestRate/100/12*saving) ; // account after 1 month
second = first + (interestRate/12/100*first);// account after 2 months
third = second + (interestRate/12/100*second);// account after 3 months
fourth = third + (interestRate/12/100*third); // account after 4 months
System.out.print("Account after 4 months is "+fourth);
System.out.println();
}
}?

*******************************

This problem requires modification of the program above using methods in it.

Read in starting value in account, yearly interest rate and number of months

– Create method called calculateMonthly that gets yearly interest rate and calculates monthly rate and assign it to a monthly interest rate variable

– Create a method called CalcInterest and pass the current value in account and monthly interest rate. It should return new amount in the savings account .

– Create loop that executes the number of months and calls the method each month returning the new value in the account

– When loop is done print the amount in the account

– Test it for 4 months with starting value of $100 and 12% yearly rate. Should get same result as previous lab

– Also test it for 3 months with 0% yearly interest rate.

programing language Java.

Explanation / Answer

import java.util.*;

public class interest {

public static void main(String args[]){

Scanner console=new Scanner(System.in);

System.out.println("Enter Starting value in account::");

double startVal=console.nextDouble();

System.out.println("Enter Yearly interest::");

double inte=console.nextDouble();

System.out.println("Enter number of months::");

int mnts=console.nextInt();

interest obj=new interest();

double monInt=obj.calculateMonthly(inte);

for(int i=0;i<mnts;i++)

{

double newAmt=obj.calcInterest(startVal, monInt);

System.out.println("Amount after "+(i+1)+" months is:: "+newAmt);

startVal=newAmt;

}

}

public double calculateMonthly(double yearInt)

{

double monInt=yearInt/12;

return monInt;

}

public double calcInterest(double start,double mint)

{

double newAmt=start+(mint/100*start);

return newAmt;

}

}

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