How do I make "your debt will be paid off in x years" output 7 years and x months with the calculations I have? They're correct, but will output 4.17 years instead of 7 like it's supposed to. What am I missing? Program in images below (program in images, instructions below)You made a $6,000 purchase for used card using your approved credit card. The card comes with an 18% annual interest rate, and 2% minimum monthly payment rate. After one year, how much is the remaining balance? Following equations in the program Minimum monthly payment = Minimum monthly payment rate x Balance Interest Paid = Annual interest rate / 12 months x Balance Principal paid = Minimum monthly payment – Interest paid Remaining Balance = Balance – principal paid For 1st month, I computed the minimum monthly payment by taking 2% of the balance as follows Minimum monthly payment = .02 x $6000 = $120.00 the Annual interest rate that was given earlier. I divided it by 12, to get the monthly rate. Interest paid = .18/12.0 x $6000 = $90.00 Principal paid = $120.00 - $90.00 = $30.00 Remaining balance = $6000.00 – $30.00 = $5,970.00 public static void main(String[] args) {Scanner scnr = new Scanner(System.in);//Initializing integers and doubles.int months;int balance;double balanceRemaining;double interest;double interest Paid;double principalPaid;double minimumRate;double minimumPaid;int monthsRemaining;int userInput;//Asking for user to input minimumPaidSystem.out.println("Enter an amount that is not below 120: ");minimumPaid = scnr.nextDouble();System.out.println();//If user enters an amount less than 120, they're prompted to reenter a supported amount.if (minimumPaid < 120) {System.out.println("Invalid amount, please re-enter.");minimumPaid = scnr.nextDouble();}//Initializing values for the following equations.balance 6000;interest = 0.18;minimumRate = 0.02;months = 12;monthsRemaining = 11;//Calculating values for interest Paid, principlePaid and balance remaining.interest Paid = interest / months * balance;principalPaid = minimumPaid - interest Paid;balanceRemaining = balance - principalPaid;//If minimumPaid is greater than 119 & greater than/equal to 120, output balanceRemaining.if (minimumPaid > 119 && minimumPaid >= 120) {System.out.println("Debt amount: $" + balance);System.out.println("If the minimum payment is: $" + minimumPaid + "0");System.out.println("Balance remaining after one month: $" + balanceRemaining + "0");System.out.println();//Calculating balanceRemaining after 2 months.for (int i = 0; i < monthsRemaining; ++i) {balanceRemaining = balanceRemaining minimumPaid + interest Paid;if (i == 0) {System.out.printf("Balance after two months: $ %.2f", balanceRemaining);System.out.println();}//Calculating balanceRemaining after 3 months.if (i == 1) {System.out.printf("Balance after three months: $%.2f", balanceRemaining);System.out.println();}//Calculating balanceRemaining after 4 months.if (i == 2) {System.out.printf("Balance after four months: $%.2f", balanceRemaining);System.out.println();}//Calculating balanceRemaining after 5 months.if (i == 3) {System.out.printf("Balance after five months $ %.2f", balanceRemaining);System.out.println();}//Calculating balanceRemaining after 6 months.if (i == 4) {System.out.printf("Balance after six months: $%.2f", balanceRemaining);System.out.println();} //Calculating balanceRemaining after 7 months.if (i ==5) {System.out.printf("Balance after seven months: $%.2f", balanceRemaining);System.out.println();//Calculating balanceRemaining after 8 months.if (i = 6) {System.out.printf("Balance after eight months: $ %.2f", balanceRemaining);System.out.println();}//Calculating balanceRemaining after 9 months.if (i == 7) {System.out.printf("Balance after nine months: $%.2f", balanceRemaining);System.out.println();}//Calculating balanceRemaining after 10 months.if (i = 8) {System.out.printf("Balance after ten months: $%.2f", balanceRemaining);System.out.println();}}//Calculating balanceRemaining after 11 months.if (i = 9) {System.out.printf("Balance after eleven months: $ %.2f", balanceRemaining);System.out.println();}}}//Calculating balanceRemaining after 12 months.if (i == 10) {System.out.printf("Balance after twelve months: $ %.2f", balanceRemaining);System.out.println();//Calculating value of balanceRemaining after a year.System.out.printf("Balance remaining after a year: $ %.2f", balanceRemaining);System.out.println();}}//If minimumPaid is greater than 119 & greater than/equal to 120, proceed.if (minimumPaid > 119 && minimumPaid >= 120) {int years = 1;int i;//Calculating int amount of years it'll take to pay off balanceRemaining.for (i = 0; i >= 0; ++i) {balance = balance - (int) minimumPaid;if (balance == 0) {System.out.printf("Your debt will be paid off in: %.2f", (double) years / 12);System.out.print(" years" );break;} else {}}}years years + 1;scnr.close();}//End of Program

Introduction: The problem could be solved using the concepts of modulo and integer division. See…

Answered: How do I make "your debt will be paid…

Computer Networking: A Top-Down Approach (7th Edition)

7th Edition

ISBN:9780133594140

Author:James Kurose, Keith Ross

Publisher:James Kurose, Keith Ross

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How do I make "your debt will be paid off in x years" output 7 years and x months with the calculations I have? They're correct, but will output 4.17 years instead of 7 like it's supposed to. What am I missing? Program in images below (program in images, instructions below)

You made a $6,000 purchase for used card using your approved credit card. The card comes with an 18%
annual interest rate, and 2% minimum monthly payment rate. After one year,
how much is the remaining balance?

Following equations in the program
Minimum monthly payment = Minimum monthly payment rate x Balance
Interest Paid = Annual interest rate / 12 months x Balance
Principal paid = Minimum monthly payment – Interest paid
Remaining Balance = Balance – principal paid
For 1st month, I computed the minimum monthly payment by taking 2% of the balance as follows

Minimum monthly payment = .02 x $6000 = $120.00

the Annual interest rate that was given earlier. I divided it by 12, to get the monthly rate.
Interest paid = .18/12.0 x $6000 = $90.00
Principal paid = $120.00 - $90.00 = $30.00

Remaining balance = $6000.00 – $30.00 = $5,970.00