Write a Java program that lets the user enter the monthly interest rate, number of years, and loan amount, and computes monthly payment and total payment and print both results each on a separate line. The total payment = monthlyPayment * 12 * numberOfYears monthy payment = (loan amount)*(monthy interest rate)/(1 - (1/(1+monthly interest rate)^(number of years * 12)))
Write a Java program that lets the user enter the monthly interest rate, number of years, and loan amount, and computes monthly payment and total payment and print both results each on a separate line. The total payment = monthlyPayment * 12 * numberOfYears monthy payment = (loan amount)*(monthy interest rate)/(1 - (1/(1+monthly interest rate)^(number of years * 12)))
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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Question
Write a Java program that lets the user enter the monthly interest rate,
number of years, and loan amount, and computes monthly payment and total
payment and print both results each on a separate line.
The total payment = monthlyPayment * 12 * numberOfYears
monthy payment = (loan amount)*(monthy interest rate)/(1 - (1/(1+monthly interest rate)^(number of years * 12)))
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In this question we are asked to display monthly payment and total payment as per the formula given.
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