Programming Challenge Description: A person has taken a loan of $6000.00 for a f

Question

Programming Challenge Description: A person has taken a loan of $6000.00 for a fixed annual interest rate of 6% for 5 years with no down payment. The monthly payment has been fixed at $116.00 for entire term of the loan. Here is the formula to calculate monthly fixed payment: (NOTE: See attachment) P = (monthly rate * Loan amount) / (1- (1+monthly nterest rate)A-n) Here n is no of payment periods. Write a program to: 1. To calculate monthly payment 2. To print out monthly payment and total interest payment for the duration of loan rounded to its nearest integer Input: 6000 5 6 0 Output: $116.00~$960] Test 1 Test Input B 30000 10 6 5000 Expected Output H $277.55 $8306

Explanation / Answer

The code is

import java.util.Scanner;

import java.util.StringTokenizer;

public class Interest

{

public static double monthlyPayment(double amt,double year,double rate,double payment)

{

amt-=payment;

double P=(rate*amt/1200)/(1-Math.pow((1+rate/1200),-1*year*12));

return Math.round(P);

}

public static void main(String[] args)

{

Scanner in =new Scanner(System.in);

String s=in.nextLine();

StringTokenizer st= new StringTokenizer(s,"~");

double rate,year,payment,amt;

amt=Double.parseDouble(st.nextToken());

year=Double.parseDouble(st.nextToken());

rate=Double.parseDouble(st.nextToken());

payment=Double.parseDouble(st.nextToken());

double mP=monthlyPayment(amt, year, rate, payment);

System.out.print(mP+"~");

amt-=payment;

System.out.println(mP*year*12-amt);

}

}

The output is

6000~5~6~0

116.0~960.0

The other output is

30000~10~6~5000
278.0~8360.0

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