I have this working halfway. I am trying to write a program that will display the interest based on the user inputing (a) their balance and ( their annual interest rate. I have it working up to the point of computing the interest. It prompts the user for the balance and then the interest rate. Then it display the message " The interest is --" . The number it gives for the interest is the number that was inputed as the interest rate.

The formula I have for the interest rate is: interest = balance x (annualInterestRate /1200). How do I write this into the code so that it does the equation? I have tried a few different ways but I keep getting errors.

Your interest rate formula is not correct. You need the balance, annual interest rate and the number of compoundings. Now if you are calculating the straight interest (simple interest) it is simply interest = balance * r where "r" would be the rate as a decimal.

For instance...



Now something tells me that isn't the formula you need. You are probably looking for one that compounds at a given rate like monthly or quarterly. So when you can tell us that, I am sure we would love to help you further.

Thanks.

i just need the to figure out what the interest would be on the next monthly payment based on the balance and the annual interest rate being inputted by the user. This is something I have to write for a java class. I had 5 programs to write and this is the final one and i am a stuck point. The formula i provided : interest = balance X (annualInterestRate / 1200) is the formula i was told to use.

thanks for looking at this for me.

Well ok... I guess they wanted a straight interest formula. So here you go.



As you can see I simply plug it into the formula you provided and format the value at the end.

Thank you so much. I actually almost had it right in one of my previous versions that did not work at all. I was missing:

[code]
import java.text.DecimalFormat;

// Format the value into a two place decimal value.
DecimalFormat form = new DecimalFormat(".00");
System.out.println("Interest on Balance: $" + form.format(interestOnBalance));
[code]

I was racking my brain on this one. Thanks again for the insight. My program was turned in without this snippet but the main thing is i'm starting to get it.

Anybody know how to work out this when the variable years is involved. This is in a Windows Form. This is C#.

E.g

private void button1_Click(object sender, EventArgs e)
{
string enterDeposit = txtDeposit.Text;
double A = Convert.ToDouble(enterDeposit);

string enterIntrest = txtInterestRate.Text;
double B = Convert.ToDouble(enterIntrest);

string enterYears = txtYears.Text;
double years = Convert.ToDouble(enterYears);

double F; // final total

F = A * (B / 100) + A; // this works it out for 1 year

if (years>1)
{
F = F * (B / 100) + F; // this works it out for 2 years

}

lblOutput.Text = ("Total = " + F);


Problem is when working it out for x amount of years! i.e more than 2
I guess some sort of loop maybe required, maybe for loop

for (years=0; years<1000; years++)
{

CODE

}


Any help would be much appreciated!

Try posting this to the C# forum. Myself or one of the other C# gurus there can help you with that. Also do a search on the boards here, I have helped numerous people with implementing the problem using yearly and monthly compoundings based on the X number of years etc.