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Thread: Loan repayment calculator

  1. #1
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    Default Loan repayment calculator

    Hi all.

    I'm having some trouble with a Loan repayment Calculator.

    It seems to be working fine, but it give me answers very different to that of online calculators.

    Any tips greatly appreciated.

    Thanks,

    CC.


    import javax.swing.JOptionPane;
    public class Q1

    {
    public static void main (String [] args)
    {
    String interest = JOptionPane.showInputDialog("Please enter an interest rate");
    double interestRateFirst = Double.parseDouble(interest);
    double interestRate = interestRateFirst / 100;
    String loan = JOptionPane.showInputDialog("Please enter a loan amount in Euro");
    double loanAmount = Double.parseDouble(loan);
    String length = JOptionPane.showInputDialog("Please enter the length of the loan in years");
    double lengthOfLoan = Double.parseDouble(length);

    double monthlyLoanRepayments = (loanAmount*interestRate)/(1-(1/(Math.pow((1+interestRate),(lengthOfLoan*12)))));

    System.out.println("The monthly repayment amount is: " + monthlyLoanRepayments);

    }
    }

    --- Update ---

    Sorry,

    Can a mod tag this as solved?

    I just had to change the interest rate to monthly interest.

    Cheers,

    CC.


  2. #2
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    Default Re: Loan repayment calculator

    Please post your code in code or highlight tags.

    Your error is in this line:
    double monthlyLoanRepayments = (loanAmount*interestRate)/(1-(1/(Math.pow((1+interestRate),(lengthOfLoan*12)))));
    Compare that to the equation you're using. If you can't find the error, post the equation you're using. OR look at this page for guidance.

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