Question
Write a Java program to create a Mortgage class. Write the driver class separate. Mortgage class has loan, rate, and term as private data members.
Write a Java program to create a Mortgage class. Write the driver class separate. Mortgage class has loan, rate, and term as private data members.
Write constructors, get and set methods, and write a method to calculate monthly payment, and another method to display the results.
Create objects to test your program. Get the loan, rate, and term from user and pass them to your constructor with three arguments. The user cannot enter any negative value for loan, rate, and term. The loan amount should be between 100, 000 and 2000,000 (Data Validation). Add version control and proper comments to your program.
Get the data from user using scanner class.
(Sample data) Calculate the monthly payment for the amount = $200,000, the term = 30 years, and the interest rate = 4.5%. Your monthly payment should be about $1013.37.
Insert comments in the program to document the program.
Here is the guide for the Mortgage Calculator program, you can use the following formula:
monthlyPayment =( principal * rate) / ( 1.0 Math.pow(rate + 1, -term));
In Java:
term = term *12;
rate = rate/1200.0;
monthlyPayment =( principal * rate) / ( 1.0 Math.pow(rate + 1, -term));
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started