Mortgage Payment Calculator Problem Description Creates a GUI program to calcula

Question

Mortgage Payment Calculator

Problem Description

Creates a GUI program to calculate monthly Mortgage Payments.

Specifications

You will need to ask for a Loan Amount, Number of Years, and the Annual Interest Rate. The user will input these via text fields.

There will be a Calculate button that when pressed will calculate the payment and display it in a non-editable Text Box

The GUI should look something like this:

The Payment Amount should look like Currency.

The code for a Loan Class is included at the end of this document. You can use it for calculating the monthly payment.

public class Loan

{

private double annualInterestRate;

private int numberOfYears;

private double loanAmount;

/** Default constructor */

public Loan() {

    this(2.5, 1, 1000);

}

/** Construct a loan with specified annual interest rate,

      number of years, and loan amount

    */

public Loan(double annualInterestRate, int numberOfYears,

      double loanAmount) {

    this.annualInterestRate = annualInterestRate;

    this.numberOfYears = numberOfYears;

    this.loanAmount = loanAmount;

    loanDate = new java.util.Date();

}

/** Find monthly payment */

public double getMonthlyPayment() {

    double monthlyInterestRate = annualInterestRate / 1200;

    double monthlyPayment = loanAmount * monthlyInterestRate / (1 -

      (1 / Math.pow(1 + monthlyInterestRate, numberOfYears * 12)));

    return monthlyPayment;   

}

/** Find total payment */

public double getTotalPayment() {

    double totalPayment = getMonthlyPayment() * numberOfYears * 12;

    return totalPayment;   

}

Explanation / Answer

// Test.java

import java.awt.*;
import java.awt.event.*;
import javax.swing.*;
import javax.swing.border.TitledBorder;

public class Test extends JFrame
{
private JTextField rate = new JTextField();
private JTextField years = new JTextField();
private JTextField loanAMt = new JTextField();
private JTextField jtfTotalPayment = new JTextField();
private JButton compute = new JButton("CALCULATE");
  
public Test()
{
JPanel jpanel = new JPanel(new GridLayout(5, 2));
  
jpanel.add(new JLabel("Loan Amount"));
jpanel.add(loanAMt);

jpanel.add(new JLabel("Annual Interest Rate"));
jpanel.add(rate);
  
jpanel.add(new JLabel("Years"));
jpanel.add(years);

jpanel.add(new JLabel("Payment"));
jpanel.add(jtfTotalPayment);
  
jpanel.setBorder(new TitledBorder("Mortgage Payment Calculator"));
  
JPanel jpanel2 = new JPanel(new FlowLayout(FlowLayout.RIGHT));
jpanel2.add(compute);
  
add(jpanel, BorderLayout.CENTER);
add(jpanel2, BorderLayout.SOUTH);
  
compute.addActionListener(new ButtonListener());
}
  

private class ButtonListener implements ActionListener
{
@Override
public void actionPerformed(ActionEvent e )
{
double interestrate = Double.parseDouble(rate.getText());
  
int yr = Integer.parseInt(years.getText());
  
double loanAmt = Double.parseDouble(loanAMt.getText());
  
Loan l = new Loan(interestrate, yr, loanAmt);
  
jtfTotalPayment.setText(String.format("%.2f", l.getTotalPayment()));
}
}
  
public class Loan
{
private double annualInterestRate;
private int numberOfYears;
private double loanAmount;
  
public Loan()
{
this(2.5, 1, 1000); //the default takes effect when other constructors are not used
}
  
public Loan(double annualInterestRate, int numberOfYears, double loanAmount)
{
this.annualInterestRate = annualInterestRate;
this.numberOfYears = numberOfYears;
this.loanAmount = loanAmount;
}
  
public double getMonthlyPayment()
{
double monthlyInterestRate = annualInterestRate / 1200;
  
double monthlyPayment = loanAmount * monthlyInterestRate / (1-(1 / Math.pow(1+monthlyInterestRate, numberOfYears * 12)));
  
return monthlyPayment;
}
  
public double getTotalPayment()
{
double totalPayment = getMonthlyPayment() * numberOfYears *12;
return totalPayment;
}
  
  
}

public static void main(String[] args)
{
Test test = new Test();
test.pack();
  
test.setTitle("Loan Calculator");
  
test.setLocationRelativeTo(null);
  
test.setDefaultCloseOperation(JFrame.EXIT_ON_CLOSE);
  
test.setVisible(true);
}

}

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