Write this program in JAVA: 1 . Allow the user to input the followings: a. Month

Question

Write this program in JAVA:

1. Allow the user to input the followings:

a. Monthly Interest Rate

b. Loan Amount

c. Monthly Payment

2. Include the following methods:

a. readInput(): will ask the user to input interest rate, loan amount, and monthly payment and stores them in the following member variables interestRate, loanAmount, and monthlyPayment, respectively.

b. computeInterest(): this method will perform the required computation to find the number of months and the total amount of interest paid. This method should store the number of months in a member variable called months and store the total collected interest in member variable called totatInterest.

c. Display(): this method will output the number of months and total interest paid over those months as shown in example 1.

NOTE: In case the payment amount is less than the interest you should display a message as shown in example 2.

Example 1:

Example 2:

Enter Loan Amount: 1000 Enter monthly payment 50 Enter interest rate: 0.012 It will take you 25.0 months to pay off your 1000.0 debt. You will have paid $150.34 in interest.

Explanation / Answer

import java.util.Scanner;
public class InterestCalculator {

   private static double interestRate;
   private static double loanAmount;
   private static double monthlyPayment;
   private static double totalinterest = 0;
   private static double months = 1;
   public static void readInput()
   {
       Scanner sc = new Scanner(System.in);
      
       System.out.println("Enter loan amount: ");
       loanAmount = sc.nextDouble();
      
       System.out.println("Enter monthly payment: ");
       monthlyPayment = sc.nextDouble();
      
       System.out.println("Enter interest rate: ");
       interestRate = sc.nextDouble();
      
      
      
       sc.close();
   }
  
   public static void computeInterest()
   {
       double loan = loanAmount;
       while(loan > 0)
       {
           double interest = loan*interestRate;
           totalinterest += interest;
           months++;
           loan = loan + interest - monthlyPayment;
       }
   }
  
   public static void display()
   {
       System.out.printf("It will take you %.1f to pay off your %.1f " +
                   " debt. You will have paid $%.2f in interest. ",
                   months, loanAmount, totalinterest);
   }
  
   public static void main(String[] args)
   {
       readInput();
       if (monthlyPayment < loanAmount*interestRate)
       {
           System.out.println("Monthly payment must be more than the interest!");
           return;
       }
      
       computeInterest();
       display();
      
   }
}

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