Payment=Principal [rate ((1 + rate)months)][(rate + 1)months - 1]For the formula to compute monthly payment, see Listing 2.9, ComputeLoan.java.(Financial application: loan amortization schedule) The monthly payment for agiven loan pays the principal and the interest. The monthly interest is computedby multiplying the monthly interest rate and the balance (the remaining princi-pal). The principal paid for the month is therefore the monthly payment minusthe monthly interest. Write a program that lets the user enter the loan amount Programnumber of years, and interest rate and displays the amortization schedule for theloan. Here is a sample run:Loan Amount: 10000 EnterNumber of Years: 1 EnterAnnual Interest Rate: 7Monthly Payment: 865.26Total Payment: 10383.21Payment# Interest58.3353.62121112}10.05.01EnterPrincipal806.93811.64855.26860.25Balance9193.078381.43860.270.01NoteThe balance after the last payment may not be zero. If so, the last payment should bethe normal monthly payment plus the final balance.Hint: Write a loop to display the table. Since the monthly payment is thesame for each month, it should be computed before the loop. The balanceis initially the loan amount. For each iteration in the loop, compute theinterest and principal, and update the balance. The loop may look like this:for (i = 1; i <= numberOfYears * 12; i++) {interest = monthlyInterestRate * balance;principal = monthly Payment - interest;balance = balance - principal;System.out.println(i + "\t\t" + interest+ "\t\t" + principal + "\t\t" + balance);

The question is to write the JAVA code for the given question.

Payment = months Principal [rate ((1 + rate)mo [(rate + 1)months – 1] - For the formula to compute monthly payment, see Listing 2.9, ComputeLoan.java. (Financial application: loan amortization schedule) The monthly payment for a given loan pays the principal and the interest. The monthly interest is computed by multiplying the monthly interest rate and the balance (the remaining princi- pal). The principal paid for the month is therefore the monthly payment m the monthly interest. Write a program that lets the user enter the loan amount. minus

Payment = months Principal [rate ((1 + rate)mo [(rate + 1)months – 1] - For the formula to compute monthly payment, see Listing 2.9, ComputeLoan.java. (Financial application: loan amortization schedule) The monthly payment for a given loan pays the principal and the interest. The monthly interest is computed by multiplying the monthly interest rate and the balance (the remaining princi- pal). The principal paid for the month is therefore the monthly payment m the monthly interest. Write a program that lets the user enter the loan amount. minus

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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