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Thread: Loan Repayment

  1. #1
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    Default Loan Repayment

    		import java.util.Scanner; // import scanner
     
    	public class Loan {
     
    	static Scanner input = new Scanner(System.in); // create scanner object usable in all methods
     
    		public static void main(String[] args) {
     
    			// Declarations
    			int cont = 1;
    			double loanAmount = 1;
    			double interest = 1.1;
    			double numberYears = 1;	
    			double monthlyInterest = interest/1200;
    		   //endDeclarations
     
    			System.out.println("Welcome to the loan Calculator. I will help you calculate the monthy payments on a loan"); //welcome statement
     
    			System.out.print("Would you like to calculate loan payments now? Please enter 1 for Yes anything else for No: "); //loop variable input
    			cont = input.nextInt();
     
    			while(cont == 1){ // begin while loop
    				//begin collecting data for variables
    				System.out.print("Please enter the loan amount in dollars and cents. Example: $1500.75:$ ");
    				loanAmount = input.nextDouble();
     
    				System.out.print("Please enter the interest rate. Example: 5.7%:% ");
    				interest = input.nextDouble();
     
    				System.out.print("Please enter the number of years the loan will be for. Example: 15:  ");
    				numberYears = input.nextInt();
     
     
    				double monthlyRepayment = loanAmount* monthlyInterest/(1-(Math.pow(1/ (1+monthlyInterest), numberYears*12)));
     
    				System.out.println("The Monthly Payment: $" + (int) (monthlyRepayment * 100 /100.0 ));
     
    				System.out.println("Would you like to calculate another Loan? Please enter 1 for Yes: ");
    				cont = input.nextInt();
     
    			} // endwhile
     
    			System.out.println("Thanks for using the Loan Calculator!");
    		}
     
     
    }


    I think my Math calculation is correct now. I just need help if anyone could with getting it into separate methods. I do not know why I am updating this since no one seems to want to help me anyhow. I just holding out hope.
    Last edited by Langolier; February 18th, 2012 at 11:08 AM. Reason: edited code


  2. #2
    Administrator copeg's Avatar
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    Default Re: Loan Repayment

    I recommend reading the following, and take careful note of where semicolons need to be placed.
    The while and do-while Statements (The Javaô Tutorials > Learning the Java Language > Language Basics)

  3. The Following User Says Thank You to copeg For This Useful Post:

    Langolier (February 17th, 2012)

  4. #3
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    Default Re: Loan Repayment

    Ok, I removed the bad semi colon. Thanks for the help. I guess my math calculation is wrong because when I run it I get a negative answer

  5. #4
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    Default Re: Loan Repayment

    Anyone please help me?

  6. #5
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    Default Re: Loan Repayment

     
     
    	import java.util.Scanner; // import scanner
     
    	public class Loan {
     
    	static Scanner input = new Scanner(System.in); // create scanner object usable in all methods
     
     
     
    		public static void main(String[] args) {
     
    			// Declarations
    			int cont = 1;
    			double loanAmount = 1;
    			double interest = 1.1;
    			double numberYears = 1;	
    			double monthlyInterest = interest/1200;
    		    double monthlyRepayment;
    		    double result = max(loanAmount, interest, numberYears);
    		    //endDeclarations
     
    			System.out.println("Welcome to the loan Calculator. I will help you calculate the monthly payments on a loan"); //welcome statement
     
    			System.out.print("Would you like to calculate loan payments now? Please enter 1 for Yes anything else for No: "); //loop variable input
    			cont = input.nextInt();
     
    			while(cont == 1){ // begin while loop
    				//begin collecting data for variables
    				System.out.print("Please enter the loan amount in dollars and cents. Example: $1500.75:$ ");
    				loanAmount = input.nextDouble();
     
    				System.out.print("Please enter the interest rate. Example: 5.7%:% ");
    				interest = input.nextDouble();
     
    				System.out.print("Please enter the number of years the loan will be for. Example: 15:  ");
    				numberYears = input.nextInt();
     
     
    				System.out.println("The Monthly Payment: $" +(int) (result*100/100));
     
    				System.out.println("Would you like to calculate another Loan? Please enter 1 for Yes: ");
    				cont = input.nextInt();
     
    		      }
     
    				System.out.println("Thanks for using the Loan Calculator!");
    		}
     
    				public static double max(double loanAmount, double monthlyInterest, double numberYears ){
     
    					double monthlyRepayment = loanAmount* monthlyInterest/(1-(Math.pow(1/ (1+monthlyInterest), numberYears*12)));
     
    					return monthlyRepayment;
     
     
     
     
     
     
    			}
    	}

    Now it really wont work
    Last edited by Langolier; February 18th, 2012 at 12:59 PM.

  7. #6
    Super Moderator Norm's Avatar
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    Default Re: Loan Repayment

    it really wont work
    Please explain.
    Post the full text of the error messages
    or show the output, explain what the problem is and show what the output should look like.

  8. #7
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    Default Re: Loan Repayment

    I guess in the second piece of code I posted trying to code the calculation method is wrong. It will only return a value of 1. I edited the above code to show what it now looks like. I think the code in the first post is what I am about to go back to. It is my base code. I just need to separate it into methods.
    To be exact:
    You will accept input in the main method. You will use a separate method (other than main) to calculate the payment. You will use a third method to output the result. The third method (output) can be called from either the main method or the calculation method.

  9. #8
    Super Moderator Norm's Avatar
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    Default Re: Loan Repayment

    Can you explain what your problem is?


    Post the program's output, explain what the problem is and show what the output should look like

  10. #9
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    Default Re: Loan Repayment

     
    import java.util.Scanner; // import scanner
     
    public class Loan {
     
    	static Scanner input = new Scanner(System.in); // create scanner object usable in all methods
     
    	public static void main(String[] args) {
     
    		// Declarations
    		int cont = 1;
    		double loanAmount = 1;
    		double interest = 1.1;
    		double numberYears = 1;
    		//endDeclarations
     
    		System.out.println("Welcome to the loan Calculator. I will help you calculate the monthly payments on a loan"); //welcome statement
     
    		System.out.print("Would you like to calculate loan payments now? Please enter 1 for Yes anything else for No: "); //loop variable input
    		cont = input.nextInt();
     
    		while(cont == 1){ // begin while loop
    			//begin collecting data for variables
    			System.out.print("Please enter the loan amount in dollars and cents. Example: $1500.75:$ ");
    			loanAmount = input.nextDouble();
     
    			System.out.print("Please enter the interest rate. Example: 5.7%:% ");
    			interest = input.nextDouble();
     
    			System.out.print("Please enter the number of years the loan will be for. Example: 15: ");
    			numberYears = input.nextInt();
     
    			double monthlyRepayment = getMonthlyPayment(loanAmount, interest, numberYears);
    			displayOutput(monthlyRepayment);
     
    			System.out.println("Would you like to calculate another Loan? Please enter 1 for Yes: ");
    			cont = input.nextInt();
     
    		} // endwhile
     
    		System.out.println("Thanks for using the Loan Calculator!");
    	}
     
    	public static double getMonthlyPayment(double loanAmount, double interest, double numberYears) {
    		double monthlyInterest = interest/1200;
    		double monthlyRepayment = loanAmount* monthlyInterest/(1-(Math.pow(1+monthlyInterest, -numberYears*12)));
    		return monthlyRepayment;
    	}
     
    	public static void displayOutput(double monthlyRepayment) {
    		System.out.printf("The Monthly Payment: $%,.2f\n", monthlyRepayment);
    	}
    }

    This is working. Thanks for trying to help though. I just need to add my comments. This is as close as I am gonna get after spending way too long on it.

  11. #10
    Super Moderator Norm's Avatar
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    Default Re: Loan Repayment

    Congratulations.

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