Write a JAVA program that will help the Smiths and any other customer of the lender determine their monthly mortgage payment based on the following input: - Purchase Price - Down Payment - Loan Amount (purchase price - down payment) - Interest rate in decimal form - Number of years for mortgage The program will also include entry of the name(s) for the mortgagee (person taking out the loan for the mortgage) and the date the calculations were made. The program will also ask if the client wants to run the program again [that way the Smiths' will be able to see what their monthly mortage payment will be if they take out a 30-year, 20-year, or 10-year mortgage. The formula to calculate the monthly payment is as follows: Fixed Monthly Mortgage Repayment Calculation = P * r * (1 + r)n / [(1 + r)n - 1] where P = Outstanding loan amount, r = Effective monthly interest rate (divide r by 12), n = Total number of periods (i.e., years x 12 months)
Mr. and Mrs. John Smith have signed a purchase agreement for a 4 bedroom house with separate garage. The purchase price is $500,000. They plan on putting a down payment of 20 percent. They are with their lender who shows the couple how much their monthly mortgage payment would be if they took out a 30-year mortgage, a 20-year mortgage, or if they took out a 15-year mortgage. The interest rate is 2.5% to take out the loan.
Write a JAVA
- Purchase Price
- Down Payment
- Loan Amount (purchase price - down payment)
- Interest rate in decimal form
- Number of years for mortgage
The program will also include entry of the name(s) for the mortgagee (person taking out the loan for the mortgage) and the date the calculations were made. The program will also ask if the client wants to run the program again [that way the Smiths' will be able to see what their monthly mortage payment will be if they take out a 30-year, 20-year, or 10-year mortgage.
The formula to calculate the monthly payment is as follows:
Fixed Monthly Mortgage Repayment Calculation = P * r * (1 + r)n / [(1 + r)n - 1]
where P = Outstanding loan amount, r = Effective monthly interest rate (divide r by 12), n = Total number of periods (i.e., years x 12 months)
Please also create a flowchart for the problem
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