Author Derek Williamson
 Version 4.0
 Created on April 18, 2006
 To calculate and display a monthly mortgage payment for three different
 terms associated with three different interest rates. The mortgage amount is 200,000,
 the interest is 5.35%, 5.50%, 5.75% and the terms are 7, 15, and 30 years.
*/

import java.text.DecimalFormat;

public class mortgageCalculator4
{

    public static void main(String[] args) throws Exception
 {
 //Declares variables used to hold the financial and term data.  
 double mortgageAmount = 200000.00;
 double[] interestRate = {.0535, .0550, .0575};
 double interest = 0;
 int[] termMonths = {84, 180 ,360};
 double months = 360;
 double temp = 0;
 double monthlyPayment = 0;
 double interestPaid = 0;
 double principalPaid = 0;
 double mortgageBalance = 200000;
 double lineCount = 3;
 DecimalFormat money = new DecimalFormat("$0.00");
 int i;
 int j;
 
 //steps through the array and displays the payment amount.
 for (i = 0; i <= 2; i++){  
 lineCount = 10;
     
 for (j = 0; j <= termMonths[i]; j++){
 
 mortgageAmount=200000;
 mortgageBalance = 200000;
 
 
 
   
 //formula to calculate monthly payment amount
 monthlyPayment = (mortgageAmount*(interestRate[i]/12)) / (1 - 1 /Math.pow((1 + interestRate[i]/12), termMonths[i]));
     
 //Prints the mortgage calculator
 System.out.println("Mortgage Calculator");
 System.out.println("Your payment for a " +(money.format(mortgageAmount)) + " mortgage over a term of");
 System.out.println((termMonths[i]/12) + " years with an interest rate of " + (interestRate[i]*100)+ "% will be " +(money.format(monthlyPayment)) + " a month.");
 System.out.println();
 
 System.out.println("Press Enter to Continue.");
 System.in.read ();
     
   
 //Starts loop statement,  declares formula for loan balance and interest paid.
 while(termMonths[i] > 0) {
 
    
 
 //reduces the term one month at a time
 months = (termMonths[i] --);
 
 //calculates the interest paid and resets the mortgage balance to reflect payment.
 temp = (1 - 1 /Math.pow((1 + interestRate[i]/12), months));
 interestPaid = (monthlyPayment * temp);
 mortgageBalance = (mortgageAmount - monthlyPayment + interestPaid);
       
 
     
     //Displays the payment amount, mortgage balance, and interest paid.
 System.out.println("After a payment of: " +(money.format(monthlyPayment)));
 System.out.println("The current balance of your mortgage is: " +(money.format(mortgageBalance)));
 System.out.println("This months interest paid on the mortgage is: " +(money.format(interestPaid)));
 System.out.println();
 
 //sets a new mortgage amount reflecting the payment.
 mortgageAmount = mortgageBalance;
 

 
 
 
 
 }
 //Pauses screen
 if (lineCount > 0) {
 lineCount--;
 
 try {
 Thread.sleep(3000);
 } catch (InterruptedException e) {
 }
 }
 }
 }
 //Stops loop statement
 //if (termMonths[i] <= 0){
 //System.out.println("CONGRATULATIONS! Your mortgage is paid in full!");
 //}      
     
}    }