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Thread: Need help with my code for calculating monthly payment on a loan

  1. #1
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    Default Need help with my code for calculating monthly payment on a loan

    I can get it to enter amount and also enter rate and enter amount of years but can't get it to tell me the monthly payment for some reason. I know I am missing something.

    import java.util.Scanner;
     
    public class project5{
     
    	/**
    	 * @param args
    	 */
    	public static void main(String[] args) {
     
    		  //Print out the welcome screen
    		  System.out.println ("Welcome to the Loan Calculator");
    		  System.out.println();
     
    		  double loanAmount;
    		  double interestRate;
    		  double months = 0;
     
    		  String choice = ("y");
     
    		  double numberYears;
     
    		  while (choice.equalsIgnoreCase("y"))
    		{
    			   //read loan amount
    			  Scanner sc = new Scanner (System.in);
    			  System.out.print("enter amount");
    			  loanAmount = sc.nextDouble();
     
    			  //read interest rate
    			  System.out.print("enter interest rate");
    			  interestRate = sc.nextDouble();
     
    			  //read number of years
    			  System.out.print("enter number of years");
    			  numberYears = sc.nextDouble();
     
    			  //calculate the monthly payment
    			  double monthlyPayment = loanAmount * interestRate / (1 - 1/Math.pow(1 + interestRate, months));
     
    			  //display the monthly payment
    			  System.out.println ("The monthly payment is:");
     
     
    			  //see if the user wants to continue
    			  System.out.print("continue? (y/n): ");
    			  choice = sc.next();
    			  System.out.println();
     
     
     
     
    		}
     
     
    	}
     
    }


  2. #2
    Member snowguy13's Avatar
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    Default Re: Need help with my code for calculating monthly payment on a loan

    //display the monthly payment
    System.out.println ("The monthly payment is:");
    You never tell the program to display monthlyPayment's value. That may be why it's not showing.
    Last edited by snowguy13; February 24th, 2012 at 09:31 PM. Reason: Forgot smiley
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  3. #3
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    Default Re: Need help with my code for calculating monthly payment on a loan

    Okay I am not sure how to tell it to do that. Can you give me a tip on how to do it please?

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    Default Re: Need help with my code for calculating monthly payment on a loan

    Does anyone have an idea???

  5. #5
    Member snowguy13's Avatar
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    Default Re: Need help with my code for calculating monthly payment on a loan

    To display a variable's value, you simply put it into the println statement.

    For example:

    int number = 2;
    System.out.println("The number is " + number);

    The result of this would be:

    The number is 2
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