Create a java application that will extract user input and display as below to c

Question

Create a java application that will extract user input and display as below to calculate a loan payment. Formula is Monthly Payment = loan amount interest rate/1(1+interest rate)^-length of the loan(to the negative power).

Example of output:

Enter the terms of your loan as follows:
(Loan amount; interest rate; number of months)

Example: (25,000; 2.99; 60) or ($25,000; 2.99%; 60)

The terms of your loan are:

Loan amount: $25,000.00
Interest Rate: 2.99%
Months: 60

Your loan payment is $499.11 per month

Explanation / Answer

import java.util.*;

class Loan
{
public static void main (String[] args)
{
System.out.println("Enter the terms of your loan as follows: ");
System.out.println("Loan amount; interest rate; number of months");

Scanner input = new Scanner(System.in);

double loan = input.nextDouble();
double interestRate = input.nextDouble();
int months = input.nextInt();

// interestRate is divided by 12 for monthly interest and divided by 100 for percentage
double payment = (loan*interestRate/1200)/(1-Math.pow(1+interestRate/1200, -months)); ;

System.out.println("The terms of your loan are: ");
System.out.println("Loan amount: $"+loan);
System.out.println("Interest Rate: "+interestRate+"%");
System.out.println("Months: "+months);

System.out.printf("Your loan payment is $%.2f per month",payment);
}
}

Output:

Enter the terms of your loan as follows: 25000 2.99 60
Loan amount; interest rate; number of months
The terms of your loan are:
Loan amount: $25000.0
Interest Rate: 2.99%
Months: 60
Your loan payment is $449.11 per month

Do ask if any doubt. Please upvote.

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