Write a program (in Java) that computes and outputs the monthly payments for a h

Question

Write a program (in Java) that computes and outputs the monthly payments for a home loan. The program prompts the user to input loan amount, interest rate, loan length, and future value of the loan, and outputs the monthly payments. Finish the code

import java.util.Scanner;

public class Lab6Part2 {

               /*

               the following is a method that computes the monthly payments for a home loan,

               based on the amount of the loan, the interest rate, and

               the length of the loan (the number of months),

               */

    public static double computePayment(double loanAmt, double rate, int numPeriods) {

                              double monthlyRate = rate / 1200.0;

                              double partial = Math.pow((1 + monthlyRate), numPeriods) - 1 ;

                              double denominator = monthlyRate * Math.pow((1 + monthlyRate), numPeriods);

                              double answer = loanAmt / (partial / denominator);

                              return answer;

               }

    public static void main(String[] args) {

                              /* Prompts the user to input amount of the loan, the interest rate, and

                              the length of the loan (in months).

                              Then invoke the computePayment method and output the answer.

                              */

    }

}

Explanation / Answer

Lab6Part2.java

import java.util.Scanner;

public class Lab6Part2 {

/*

the following is a method that computes the monthly payments for a home loan,

based on the amount of the loan, the interest rate, and

the length of the loan (the number of months),

*/

public static double computePayment(double loanAmt, double rate, int numPeriods) {

double monthlyRate = rate / 1200.0;

double partial = Math.pow((1 + monthlyRate), numPeriods) - 1 ;

double denominator = monthlyRate * Math.pow((1 + monthlyRate), numPeriods);

double answer = loanAmt / (partial / denominator);

return answer;

}

public static void main(String[] args) {

/* Prompts the user to input amount of the loan, the interest rate, and

the length of the loan (in months).

Then invoke the computePayment method and output the answer.

*/

Scanner scan = new Scanner(System.in);

System.out.println("Enter the loan amount: ");

double loanAmt = scan.nextDouble();

System.out.println("Enter the interest rate: ");

double rate = scan.nextDouble();

System.out.println("Enter the length of thee loan (in months): ");

int numPeriods = scan.nextInt();

System.out.println("Payment: "+computePayment(loanAmt, rate, numPeriods));

}

}

Output:

Enter the loan amount:
10000
Enter the interest rate:
12.5
Enter the length of thee loan (in months):
20
Payment: 556.4808105576017

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