I do not understand how to add 7 years @ 5.35% , 15 years @ 5.5% to the already
calculated 30 years @5.75%. I could not round this to .00 as well, and need to have
this code looked at so I can tell how to do this without just doubling the same code
with different percentages and years. IS there not an easier way to add the three together
in one section? I do not need the entire printout of the payments, just the total amount
per month in principle and interest....




MY CODE IS AS FOLLOWS:




***Added code tags***
-jjsaw5

This post has been edited by jjsaw5: 20 Nov, 2008 - 07:40 AM

to print out to 2 decimals... use the String.format metod

//example
double x = 3;
double y = 1;

double z = y / x;

System.out.println( z ); // will print 0.333333333333333333333 etc
System.out.println( String.format("%.2f", z) );  // will print0.33

Hope that helped

This post has been edited by bbq: 20 Nov, 2008 - 08:05 AM

Change this

int loanTerm = 30;

To

int loanTerm = New lTerm [7,15,30];

and

double intRate    = 5.75; 

to

double intRate    = New inTRate [5.75, 5.5, 5.35];

This will declare the Rate and Term fields as an array. I will try to get a better example of the code needed when I have my machine with Java on it.

IS THIS ANY CLOSER?
I am still getting errors, and canot figure out what is wrong here...




import java.text.DecimalFormat;

//
public class MortgagePayment
{
public void calc(double interest, double principle, int monthlypayments)
{

//Declare and construct variables
DecimalFormat decimalPlaces = new DecimalFormat(".00");
double monthlypayments, principle, interest, interestAmount, payment;

int amount, i, paymentsPerPage, lengthOfPause;


// Variable Declaration
int principal[] = {200000, 200000, 200000}; // Principal for each calculation
double interestRate[] = {5.35, 5.50, 5.75}; // Interest Rate for each interest rate
int totalYears[] = {7, 15, 30}; // Length in years for each loan
double monthlyInterest[] = {0, 0, 0}; // Monthly Interest
int totalMonths[] = {0, 0, 0}; // Number of Months
double monthlyPayment[] = {0, 0, 0}; // Monthly Payment

// Calculations Loop
for (int i = 0; i < 3; i++){
monthlyInterest[i] = interestRate[i] / (12 * 100);
totalMonths[i] = totalYears[i] * 12;
monthlyPayment[i] = principal[i] * (monthlyInterest[i] /
(1 - (Math.pow((1 + monthlyInterest[i]),(-totalMonths[i])))));
}

//Output to screen
System.out.println("Principle = $"+decimalPlaces.format(principle)); //The loan amount
System.out.println("Interest Rate ="+interest*100 +"%"); //The interest rate
System.out.print("Payment per Month = $"); //The monthly payment amount
System.out.println(decimalPlaces.format(payment));
System.out.println("********************");
System.out.println("********************");

for(i = 1; i <= 1; i++)
{
System.out.println("Payment " + i + ":");
System.out.println("----------");

System.out.println("Payment Amount: $ " + decimalPlaces.format(payment));
interestAmount = ((interest / 12) * principle);
System.out.println("Interest Amount: $ " + decimalPlaces.format(interestAmount));

// You also have to calculate interest and add that back in.
principle = (principle - payment) + interestAmount;
System.out.println("Loan Balance: $ " + decimalPlaces.format(principle));
System.out.println("----------");
System.out.println("");
if(((i - 1) % paymentsPerPage) == 0)
{
try{Thread.sleep(lengthOfPause * 1000);} //This is a pause function.
catch(InterruptedException ie){}
}
}
}
}

import java.text.DecimalFormat;

//
public class MortgagePayment
{
public void calc(double interest, double principle, int monthlypayments)
{

//Declare and construct variables
DecimalFormat decimalPlaces = new DecimalFormat(".00");
double monthlypayments, principle, interest, interestAmount, payment;

int amount, i, paymentsPerPage, lengthOfPause;


// Variable Declaration
int principal[] = {200000, 200000, 200000}; // Principal for each calculation
double interestRate[] = {5.35, 5.50, 5.75}; // Interest Rate for each interest rate
int totalYears[] = {7, 15, 30}; // Length in years for each loan
double monthlyInterest[] = {0, 0, 0}; // Monthly Interest
int totalMonths[] = {0, 0, 0}; // Number of Months
double monthlyPayment[] = {0, 0, 0}; // Monthly Payment

// Calculations Loop
for (int i = 0; i < 3; i++){
monthlyInterest[i] = interestRate[i] / (12 * 100);
totalMonths[i] = totalYears[i] * 12;
monthlyPayment[i] = principal[i] * (monthlyInterest[i] /
(1 - (Math.pow((1 + monthlyInterest[i]),(-totalMonths[i])))));
}

//Output to screen
System.out.println("Principle = $"+decimalPlaces.format(principle)); //The loan amount
System.out.println("Interest Rate ="+interest*100 +"%"); //The interest rate
System.out.print("Payment per Month = $"); //The monthly payment amount
System.out.println(decimalPlaces.format(payment));
System.out.println("********************");
System.out.println("********************");

for(i = 1; i <= 1; i++)
{
System.out.println("Payment " + i + ":");
System.out.println("----------");

System.out.println("Payment Amount: $ " + decimalPlaces.format(payment));
interestAmount = ((interest / 12) * principle);
System.out.println("Interest Amount: $ " + decimalPlaces.format(interestAmount));

// You also have to calculate interest and add that back in.
principle = (principle - payment) + interestAmount;
System.out.println("Loan Balance: $ " + decimalPlaces.format(principle));
System.out.println("----------");
System.out.println("");
if(((i - 1) % paymentsPerPage) == 0)
{
try{Thread.sleep(lengthOfPause * 1000);} //This is a pause function.
catch(InterruptedException ie){}
}
}
}
} 

You tell us, does it work ? if not what is wrong with it ?

Oh and don't forget to use the code tags when posting codez