Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Week 6 Lab, Due Wed. 3-2-22 Modify the mortgage program to display the mortgage payment amount and then, list the loan balance and interest paid

Week 6 Lab, Due Wed. 3-2-22 Modify the mortgage program to display the mortgage payment amount and then, list the loan balance and interest paid for each payment over the term of the loan. The list would scroll off the screen, but use loops to display a partial list, hesitate, and then display more of the list. Do not use a graphical user interface yet. Insert comments in the program to document the program. Guide for this assignment: Your main method should be as follow. public static void main(String[] args) throws Exception// main method Amortization Program: As you know here, we are doing amortization like how much of monthly payment goes to principal and how goes towards the interest. For example, for principal=$200,000, rate=4.5%, term=30year the monthly payment will be $1013.67. We have 360 months for 30 years. For the first month we pay like $900 interest and $113.67 towards principal. Then we calculate new value for principal. At the end of the 30 years the balance (principal) should be 0. Let's put it this way: // We do loan amortization here. balance = principal;// e.g. principal=$200000 rate= 4.5% for term=30 years for (int i=1;i=360;i++)>

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mobile Usability

Authors: Jakob Nielsen, Raluca Budiu

1st Edition

0133122131, 9780133122138

More Books

Students also viewed these Programming questions

Question

How does national culture relate to business structures?

Answered: 1 week ago