Question

Program Specification: This project involves implementing a Java program that performs a calculation of payments associated with loans. The program shall allow a user to enter the following data: annual interest rate the loan (i.e. , number of years), and the loan amount. A GUI like the one below must be used. Loan Calculator Annual Interest Rate: Number of Years Loan Amount: Monthly Payment Total Payment Calculate When the user presses the calculate button, the monthly payment and total amount of payments shall be displayed. The formula for computing the monthly payment (P) is: i A where i - periodic interest rate, A amount of loan, n number of compounding periods (12). For example, if the annual interest rate is 5 percent, the term of the loan is 2 years, and th loan amount is $2,000, and interest is compounded monthly: ·05/12+ .00417 n = 2 * 12 = 24 P = S87.74 Total Payment : 24 * $87.74

Answer 1

/* See the source code*/

import javax.swing.*;

import java.io.*;

import java.util.*;

import java.awt.event.*;

import java.awt.*;

class Solution extends JFrame

{

JLabel LblRate; //Label for Interest Rate

JLabel LblYear; //Label for Number of Year

JLabel LblAmount; //Label for Loan Amount

JLabel LblMPayment; //Label for Monthly payment

JLabel LblTPayment; //Label for Total Payment

JTextField TxtRate; //TextFiled for interst

JTextField TxtYear; //TextFiled for Years

JTextField TxtAmount; //TextFiled for Loan amount

JTextField TxtMPayment; //TextFiled for Monthly Payment

JTextField TxtTPayment; //Textfield for Total Payment

JButton BtnCalculate; //Button to calculate

Container c;

public Solution()

{

//Initialize all components

c=getContentPane();

c.setLayout(null);

int w=150,h=20,col=30,row=5;

BtnCalculate = new JButton("Calculate"); BtnCalculate.setBounds(col+180,row+110,w-30,h);

LblRate = new JLabel(); LblRate.setText("Annual Interest Rate:"); LblRate.setBounds(col,row,w,h);

LblYear = new JLabel(); LblYear.setText("Number of Years:"); LblYear.setBounds(col,row+20,w,h);

LblAmount = new JLabel(); LblAmount.setText("Loan Amount"); LblAmount.setBounds(col,row+40,w,h);

LblMPayment = new JLabel(); LblMPayment.setText("Monthly Payment:"); LblMPayment.setBounds(col,row+60,w,h);

LblTPayment = new JLabel(); LblTPayment.setText("Total Payment:"); LblTPayment.setBounds(col,row+80,w,h);

TxtRate = new JTextField(); TxtRate.setBounds(col+150,row,w,h);

TxtYear = new JTextField(); TxtYear.setBounds(col+150,row+20,w,h);

TxtAmount = new JTextField(); TxtAmount.setBounds(col+150,row+40,w,h);

TxtMPayment = new JTextField(); TxtMPayment.setEditable(false); TxtMPayment.setBounds(col+150,row+60,w,h);

TxtTPayment = new JTextField(); TxtTPayment.setEditable(false); TxtTPayment.setBounds(col+150,row+80,w,h);

//Add all components to layout

c.add(LblRate);

c.add(TxtRate);

c.add(LblYear);

c.add(TxtYear);

c.add(LblAmount);

c.add(TxtAmount);

c.add(LblMPayment);

c.add(TxtMPayment);

c.add(LblTPayment);

c.add(TxtTPayment);

c.add(BtnCalculate);

BtnCalculate.addActionListener(new BtnClick());

setSize(400,250);

setTitle("Tax Calculation");

setVisible(true);

setDefaultCloseOperation(JFrame.DISPOSE_ON_CLOSE);

}

private class BtnClick implements ActionListener

{

//Set action on calculate button click

public void actionPerformed(ActionEvent ae)

{

//Get values & calculate based on given formula

float interest = Float.parseFloat(TxtRate.getText());

interest*=0.01;

interest/=12;

float years = Float.parseFloat(TxtYear.getText());

years*=12;

float amount = Float.parseFloat(TxtAmount.getText());

float monthlyPayment = (interest*amount)/(1-(float)Math.pow((1+interest),-years));

//Print the result

String formatedValue = String.format("%.2f", monthlyPayment);

TxtMPayment.setText(formatedValue);

formatedValue = String.format("%.2f", (years*monthlyPayment));

TxtTPayment.setText(formatedValue);

}

}

//Main method to run the application

public static void main(String arg[])

{

Solution obj = new Solution();

}

}

/* See the output*/