Question

5. Create an app that calculates the simple monthly payment for a loan. You’ll need input dialog boxes to accept the loan amount, the interest rate, and the payment period (in years). Perform the calculation and output the monthly payment to a dialog box (yes, formatted as money). (app with gui in java)

Answer 1

MonthlyPayment.java

import java.text.DecimalFormat;

import javax.swing.JOptionPane;

public class MonthlyPayment {

public static void main(String[] args) {
  double loanAmount = Double.parseDouble(JOptionPane
    .showInputDialog("Enter the Loan Amount: "));
  double monthlyInterestRate = Double.parseDouble(JOptionPane
    .showInputDialog("Enter the loan interest: "));
  int years = Integer.parseInt(JOptionPane
    .showInputDialog("Enter the number of years: "));
  int numofMonths = years * 12;
  double monthlyPayment = (loanAmount * monthlyInterestRate)
    / (1 - (1 / Math.pow(1 + monthlyInterestRate, numofMonths)));
  DecimalFormat df = new DecimalFormat("0.00");
  JOptionPane.showMessageDialog(null, "Monthly Payment is $"
    + df.format(monthlyPayment));
}

}

Output:

Enter the Loan Amount: 10000

Enter the loan interest: 0.12

Enter the number of years: 2