This Java application calculates the monthly mortgage payment based on user input for principal amount, annual interest rate, and loan period. It uses a standard formula to compute the mortgage payment and formats the result as currency.
- Principal Input: Enter the total loan amount.
- Interest Rate Input: Enter the annual interest rate (as a percentage).
- Period Input: Enter the loan term in years.
- Mortgage Calculation: Computes the monthly mortgage payment based on the entered values.
- Formatted Output: Displays the mortgage payment formatted as currency.
- Run the Application: Execute the
Mainclass in a Java runtime environment. - Enter the Principal: Input the amount of the loan.
- Enter the Annual Interest Rate: Provide the annual interest rate (e.g., 5.5 for 5.5%).
- Enter the Period: Specify the number of years for the loan.
- View the Result: The application will calculate and display the monthly mortgage payment.
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Imports: Utilizes
java.text.NumberFormatfor currency formatting andjava.util.Scannerfor user input. -
Constants: Defines constants for the number of months in a year and percentage conversion.
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Input Handling: Collects user input for principal, annual interest rate, and loan period.
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Calculation: Computes the monthly mortgage payment using the formula:
[ \text{Mortgage} = \frac{\text{Principal} \times \text{Monthly Interest} \times (1 + \text{Monthly Interest})^{\text{Number of Payments}}}{(1 + \text{Monthly Interest})^{\text{Number of Payments}} - 1} ]
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Output: Formats and prints the result as a currency string.
Principal: 200000
Annual Interest Rate: 5.5
Period: 30
Mortgage: $1132.26