MortgageCalcs.class package mortgage; import java.text.DecimalFormat; public cla

Question

MortgageCalcs.class

package mortgage;

import java.text.DecimalFormat;

public class MortgageCalcs {

// private instance variables

private double interestRate;

private double term;

private double principal;

DecimalFormat df = new DecimalFormat("0.00");

// Constructor Method. Accepts values for interest rate, term, and principal

// and places

// these values into the corresponding instance variable

public MortgageCalcs(double interestRate, double term, double principal) {

this.interestRate = interestRate;

this.term = term;

this.principal = principal;

}

// this method calculates and returns the Monthly Payment.

public double calcPayment() {

double monthlyPayment = (principal * intCharge() * Math.pow(1 + intCharge(), term))

/ (Math.pow(1 + intCharge(), term) - 1);

return monthlyPayment;

}

// this method calculates and returns the Future Value.

public double futureValue() {

double monthlyInterest = principal * intCharge();

double debtPaid = calcPayment() - monthlyInterest;

principal = principal - debtPaid;

return principal;

}

// this method calculates and returns the Interest Charge.

public double intCharge() {

return interestRate / (12 * 100);

}

// get methods for each instance variable

public double getInterestRate() {

return interestRate;

}

public double getTerm() {

return term;

}

public double getPrincipal() {

return principal;

}

// this method produces an amortization table for the loan.

public boolean amortize(int months) {

double monthlyPayment = calcPayment();

double interestCharge = intCharge();

int i = 1;

//Checks for the number of months entered and principal remaining is not less than monthly emi

while (principal >= monthlyPayment && i <= months) {

double monthlyInterest = principal * interestCharge;

double debtPaid = monthlyPayment - monthlyInterest;

principal = principal - debtPaid;

System.out.println(i + " $" + df.format(monthlyPayment) + " $" + df.format(monthlyInterest) + " $"

+ df.format(debtPaid) + " $" + df.format(principal));

i++;

}

//If principal amount is less than monthly payment

if (i <= months)

System.out.println(i + " $" + df.format(principal) + " $" + df.format(principal) + " $"

+ df.format(principal) + " $0.00");

return true;

}

}

MainTest.java

package mortgage;

public class MainTest {

//Main method to create Mortgage class and use amortize method.

public static void main(String[] args) {

double principal = 20000;

double interestRate = 7.5;

int term = 60;

MortgageCalcs mortgage = new MortgageCalcs(interestRate, term, principal);

System.out.println("Month# Amount interest Principal Balance");

System.out.println("====== ============= ============= ========= ============");

mortgage.amortize(10);

}

}

Sample Output

Month# Amount interest Principal Balance

====== ============= ============= ========= ============

1 $400.76 $125.00 $275.76 $19724.24

2 $400.76 $123.28 $277.48 $19446.76

3 $400.76 $121.54 $279.22 $19167.54

4 $400.76 $119.80 $280.96 $18886.58

5 $400.76 $118.04 $282.72 $18603.86

6 $400.76 $116.27 $284.48 $18319.38

7 $400.76 $114.50 $286.26 $18033.11

8 $400.76 $112.71 $288.05 $17745.06

9 $400.76 $110.91 $289.85 $17455.21

10 $400.76 $109.10 $291.66 $17163.55

Explanation / Answer

package mortgage;

import java.text.DecimalFormat;

public class MortgageCalcs {

// private instance variables

private double interestRate;

private double term;

private double principal;

DecimalFormat df = new DecimalFormat("0.00");

// Constructor Method. Accepts values for interest rate, term, and principal

// and places

// these values into the corresponding instance variable

public MortgageCalcs(double interestRate, double term, double principal) {

this.interestRate = interestRate;

this.term = term;

this.principal = principal;

}

// this method calculates and returns the Monthly Payment.

public double calcPayment() {

double monthlyPayment = (principal * intCharge() * Math.pow(1 + intCharge(), term))

/ (Math.pow(1 + intCharge(), term) - 1);

return monthlyPayment;

}

// this method calculates and returns the Future Value.

public double futureValue() {

double monthlyInterest = principal * intCharge();

double debtPaid = calcPayment() - monthlyInterest;

principal = principal - debtPaid;

return principal;

}

// this method calculates and returns the Interest Charge.

public double intCharge() {

return interestRate / (12 * 100);

}

// get methods for each instance variable

public double getInterestRate() {

return interestRate;

}

public double getTerm() {

return term;

}

public double getPrincipal() {

return principal;

}

// this method produces an amortization table for the loan.

public boolean amortize(int months) {

double monthlyPayment = calcPayment();

double interestCharge = intCharge();

int i = 1;

// Checks for the number of months entered and principal remaining is not less

// than monthly emi

while (principal >= monthlyPayment && i <= months) {

double monthlyInterest = principal * interestCharge;

double debtPaid = monthlyPayment - monthlyInterest;

principal = principal - debtPaid;

System.out.println(i + " $" + df.format(monthlyPayment) + " $" + df.format(monthlyInterest) + " $"

+ df.format(debtPaid) + " $" + df.format(principal));

i++;

}

// If principal amount is less than monthly payment

if (i <= months)

System.out.println(i + " $" + df.format(principal) + " $" + df.format(principal) + " $"

+ df.format(principal) + " $0.00");

return true;

}

}

package mortgage;

import java.util.Scanner;

public class MainTest {

// Main method to create Mortgage class and use amortize method.

public static void main(String[] args) {

Scanner sc = new Scanner(System.in);

double result;

System.out.println("Enter principal amount between 1 and 500000");

result=input(sc, 1, 500000);

/*Loop till user enters a correct value*/

while(result==-1) {

System.out.println("Invalid principal input");

System.out.println("Enter principal amount between 1 to 500000");

result=input(sc, 1, 500000);

}

double principal = result;

System.out.println("Enter the term between 1 and 30");

result=input(sc, 1, 30);

/*Loop till user enters a correct value*/

while(result==-1) {

System.out.println("Invalid term input");

System.out.println("Enter the term between 1 and 30");

result=input(sc, 1, 30);

}

int term = (int)result;

System.out.println("Enter an interest rate between 1 and 15 percent");

result=input(sc, 1, 15);

/*Loop till user enters a correct value*/

while(result==-1) {

System.out.println("Invalid interest input");

System.out.println("Enter an interest rate between 1 and 15 percent");

result=input(sc, 1, 15);

}

double interestRate = result;

MortgageCalcs mortgage = new MortgageCalcs(interestRate, term, principal);

System.out.println("Principal: " + mortgage.getPrincipal());

System.out.println("Future Value: " + mortgage.futureValue());

System.out.println("Term of loan: " + mortgage.getTerm());

System.out.println("Interest Rate: "+ mortgage.getInterestRate());

System.out.println("Interest Charge: "+ mortgage.intCharge());

System.out.println("Payment: "+ mortgage.calcPayment());

System.out.println(" Enter number of months");

result=inputAmortize(sc);

/*Loop till month input = -1 */

while(result!=-1) {

System.out.println("Month# Amount interest Principal Balance");

System.out.println("====== ============= ============= ========= ============");

if(mortgage.amortize((int)result) == false) {

System.out.println("Number of Months too big");

}

System.out.println(" Enter number of months");

result=inputAmortize(sc);

}

}

/*Input for principal, term , and rate of interest*/

public static double input(Scanner sc, int min, int max) {

double n = sc.nextDouble();

if(n >= min && n<=max)

return n;

else

return -1;

}

/*Input for Amortize till user enters -1*/

public static int inputAmortize(Scanner sc) {

int n = sc.nextInt();

return n;

}

}

*******************************************************************************************************************************

Run the MainTest.java file

The output is as explained above. Comments are provided alog with the code.

I hope it helps you.

Kindly rate the answer.

**********************************************************************************************************************************

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