Hello,

I am very new to programming and I have hit a stuck point in my code. This is for a mortgage calculator and we have to use the math.pow method. I am getting results, but the results are wrong. The monthly payment is coming out to big.

Here is what it should be:

Enter loan amount: 10000

Enter rate: 4.5

Enter number years: 3

The monthly payment is: $297.47

Here is what I'm getting.

Enter loan amount: 10000

Enter rate: 4.5

Enter number years: 3

The monthly payment is: $566.06

Here is my code. I believe my issue is in the math.pow formula. Can someone help my out?

Scanner in = new Scanner(System.in); // input object

double loanAmount; //user input

double interestRate; // user input

double yearNumber; // user input

double monthlyPayment; // answer to math

double finalPayment; // output

double monthNumber; // year number converted of months

double monthlyRate; // converted intersted rate

System.out.print("Enter loan amount: "); // Shows Line to input loan amount

loanAmount = Double.parseDouble (in.nextLine()); // gets input number

System.out.print("Enter rate: "); // Shows line to input rate amount

interestRate = Double.parseDouble (in.nextLine()); // gets input number

monthlyRate = interestRate * .01; //convert rate into decimal

System.out.print("Enter number years: "); //Shows line to input number of years

yearNumber = Double.parseDouble (in.nextLine()); // gets input number

monthNumber = yearNumber * 12; // total amount of months

monthlyPayment = Math.pow(1+ interestRate,monthNumber) / (Math.pow(1+interestRate, monthNumber)-1);

finalPayment = (loanAmount*monthlyRate*monthlyPayment); // gives the payment

System.out.printf("\nThe monthly payment is: $%.2f", monthlyPayment); // Shows monthly payment