From aca675d331accf4ee360d586648f4d601d463c2e Mon Sep 17 00:00:00 2001
From: bjv33 <bjv33@cs.drexel.edu>
Date: Wed, 24 Oct 2018 16:22:04 -0400
Subject: [PATCH] Loan Payment Calculator with Interest, Principal, and Balance
---
Loan_Payment_Calculator.java | 124 +++++++++++++++++++++++++++++++++++
1 file changed, 124 insertions(+)
create mode 100644 Loan_Payment_Calculator.java
diff --git a/Loan_Payment_Calculator.java b/Loan_Payment_Calculator.java
new file mode 100644
index 0000000..056cfd6
--- /dev/null
+++ b/Loan_Payment_Calculator.java
@@ -0,0 +1,124 @@
+// Program: Loan_Payment_Calculator.java
+// Purpose: This program calculates monthly loan payments including interest.
+// Author: Brian Vojtko
+// Date: 10/24/2018
+import java.text.DecimalFormat;
+import java.util.Scanner;
+
+public class Loan_Payment_Calculator {
+
+ public static void main(String[] args){
+
+ //Make outputs in 2 decimals
+ DecimalFormat money = new DecimalFormat(".00");
+
+ char decision = 'y';
+
+ //Loops program if user responded with 'y'
+ while (decision == 'y' || decision == 'Y') {
+
+ Scanner input = new Scanner(System.in);
+
+ //Integers
+ double interestPercent;
+ double monthlyRate;
+ double totalInterest = 0;
+ double payment;
+
+ //User Introduction
+ System.out.println(" Loan Payment Calculator");
+ System.out.println("*********************************");
+
+ //Amount user owes
+ System.out.println("Enter the initial loan amount: ");
+ double amount = input.nextDouble ();
+
+ //Error Loop
+ while (amount > 1000000) {
+ System.out.println("the loan amount cannot exceed $1,000,000. Try again.");
+ amount = input.nextDouble();
+ continue;
+ }
+
+ //Error Loop
+ while (amount <= 0) {
+ System.out.println("You must enter a value greater than zero. Try again.");
+ amount = input.nextDouble();
+ continue;
+ }
+
+ //Annual Interest Rate
+ System.out.println("Enter the annual interest rate (as a percentage): ");
+ interestPercent = input.nextDouble();
+
+ //Calculate Monthly Interest Rate
+ monthlyRate = (interestPercent / 100) / 12;
+
+ //Error Loop
+ while (interestPercent < 2 || interestPercent > 15) {
+ System.out.println("You must enter a value between 2.0 and 15.0 (inclusive). Try again.");
+ interestPercent = input.nextDouble();
+ continue;
+ }
+
+ //Amount of years user has to repay
+ int years;
+ System.out.println("Enter the term of the loan in years: ");
+ years = input.nextInt();
+
+ //Error Loop
+ while (years <= 0 || years > 30) {
+ System.out.println("Please enter a term between 1-30 years.");
+ years = input.nextInt();
+ continue;
+ }
+
+ //Monthly Payment Calculation
+ double m = (years * 12);
+ payment = (amount * monthlyRate) / (1 - Math.pow(1 + monthlyRate, -m));
+
+ //Monthly Payment output
+ System.out.println("Your monthly payment is: $" + money.format(payment));
+
+ //Line space
+ System.out.println("");
+
+ //Beginning of Loan Chart
+ System.out.println("Month\t\tInterest\tPrincipal\tBalance");
+ System.out.println("----------------------------------------------------------");
+
+ //Loan Chart Calculation
+ double balance = amount, principal, interest;
+
+ for (int i = 1; i <= m; i++) {
+ interest = monthlyRate * balance;
+ principal = payment - interest;
+ balance = balance - principal;
+ totalInterest += interest;
+
+ //User output
+ System.out.println(i + "\t\t" + "$" + money.format(interest) + "\t\t" + "$" + money.format(principal) + "\t\t" + "$" + money.format(balance));
+ }
+
+ //User output for total amount of interest paid
+ System.out.println("");
+ System.out.println("The total amount of interest paid is: $" + money.format(totalInterest));
+ System.out.println("");
+
+ //Repeat Loop
+ boolean yesDecision;
+ boolean noDecision;
+ input.nextLine();
+
+ do {
+ System.out.println("Do you have another loan to process? (y/n): ");
+ decision = input.nextLine().charAt(0);
+ yesDecision = (decision == 'y' || decision == 'Y');
+ noDecision = (decision == 'n' || decision == 'N');
+ } while(!(yesDecision || noDecision));
+
+ System.out.println("");
+ }
+ System.out.println("Thank you for using our loan calculator. Goodbye!");
+}
+}
--
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