Description:

CSC110 Program 1

Write a program named, paymentCalculator.java. This program will first print a description of what the program does. Next, this program will prompt for and input from the user the amount of the loan, the yearly interest on the loan (in percent, like 6% or 8%, not .06 or .08 the program will have to make that adjustment as it executes), and the number of months (or payments) in the term of the loan. Now the program will calculate the amount of one monthly payment using the formula:

= principle rate (1+rate), where(1+rate)n1 where

payment is the monthly payment principle is the amount of the loan rate is the monthly interest rate (yearly interest rate divided by 12)n is the number of months or payments

the monthly payment is calculated, the program will display the following information, formatted as

examples on the next page:

the loan amount, the yearly interest rate, the number of payments, the amount of the monthly payment, the total amount of money that will be paid back once all payments have been made, and the total amount of interest paid once the loan has been fully repaid.

The output of your program should be formatted like the examples on the next page and work for any appropriate user inputs. This program will assume users inputs are valid.

WHAT IS THE CODE IN JAVA?

Description: Write a program named, paymentCalculator java. This program will first print a description of what the program does. Next, this program will prompt for and input from the user the amount of the loan, the yearly interest on the loan (in percent, like 6% or 8%, not .06 or .08-the program will have to make that adjustment as it executes), and the number of months (or payments) in the term of the loan. Now the program will calculate the amount of one monthly payment using the formula: rate (1+rate)" (1+rate)n-1> Where payment - principle* payment is the monthly payment principle is the amount of the loan rate is the monthly interest rate (yearly interest rate divided by 12) n is the number of months or payments . Once the monthly payment is calculated, the program will display the following information, formatted as in the examples on the next page: the loan amount the yearly interest rate, the number of payments, the amount of the monthly payment, the total amount of money that will be paid back once all payments have been made, and the total amount of interest paid once the loan has been fully repaid. The output of your program should be formatted like the examples on the next page and work for any appropriate user inputs. This program will assume user's inputs are valid. Example 1: This application will calculate a monthly payment on a loan. The output will also include other information about the loan loan amount: 10000 Enter the yearly interest rate in percents: 12 Enter the number of payments (number of months): 36 $ 10000.00 Loan Amount Interest Rate: Number of Payments: Monthly Payment: Amount Paid Back:$ 11957.15 Interest Paid: 12. 00% 36 $ 332.14 1957.15 End of Monthly Payment Calculation App