You have just purchased a stereo system that cost c on the following credit plan

Question

You have just purchased a stereo system that cost c on the following

credit plan: no down payment, an interest rate of r% per year ( r

12:0% per

month), and monthly payments of p. The monthly payment of p is used to

pay the interest, and whatever is left is used to pay part of the remaining

debt. Hence, the rst month you pay r

12:0% of c in interest. What is not

interest is deducted from your debt. The next month you repeat this process,

continuing until the debt is paid o
.

Write a program that will tell you how many months it will take you to pay

o
the loan, as well as the total amount of interest paid over the life of the

loan. Use a loop to calculate the amount of interest and the size of the debt

after each month. Your program should also print the month number, the

monthly amount of interest paid and the remaining debt for each month.

Use a variable to count the number of loop iterations and hence the number

of months until the debt is zero.

You will need to prompt the user for the amount of the loan, the annual

interest rate as a percentage (18 should be the input and you will have to

convert it to 0:18) and the amount that you will be paying each month.

Input Validation: Display an error message prompt the user additional times

if the user enters any values that are not greater than zero.

Your program must also include comments with your name, the date, and

a short description of the project. It must also print this information as a

splash screen at the beginning of the program run. All output should be

properly formatted and aligned.

Explanation / Answer

public class CompoundInterest { public static void main( String args[] ) { double principal = 10000; int years = 5; double rate = .05; System.out.printf("Principle: %.2f ", principal); System.out.println("Years: " + years); System.out.println("Interest rate: " + rate); System.out.println("Total amount componded over the " + years + " years:" ); for(int x = 1; x

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