Will P. - 5 months ago 61

Java Question

I'm pretty new to java, and I'm trying to write a program that will give me the monthly payments, interest total and total amount paid on a bank loan, but I believe either my math is wrong or is incorrectly formatted, because when I run it I get numbers in the negatives, and payments that I know are wrong. Could you point out where I have made the mistake?

Example :

`7500 (amount borrowed)`

14.5 (loan rate)

3 (# of years)

The expected output would be

`258.16 (monthly payment)`

1793.66 (interest paid)

9293.66 (total paid).

Code :

`import java.io.*;`

import java.util.*;

public class Prog58i

{

public static void main(String args[])

{

Scanner numberReader = new Scanner(System.in);

System.out.print("The amount I wish to borrow is? ");

int p = numberReader.nextInt();

System.out.print("The loan rate I can get is? ");

double r = numberReader.nextDouble();

System.out.print("How mny years will it take me to pay off the loan? ");

int m = (numberReader.nextInt())*12;

double MP = (1 +(r/1200));

MP = Math.pow(MP, m);

double payment = p *(r/1200) * (MP/(MP-1));

payment = (int)(m * 100+0.5)/100.0;

double total = (int)((m * payment)*100)/100.0;

double intetotal = (int)((total - p)*100)/100.0;

System.out.println("My monthly payments will be " + payment);

System.out.println("Total Interest Paid is " + intetotal);

System.out.println("Total amount paid is " + total);

}

}

Answer

According to your formula, this statement seems to be wrong

```
double MP = (1 + (r / 1200));
MP = Math.pow(MP, m);
```

The power is only on `(r / 1200)`

not on `(1 + (r / 1200))`