Question

Program Requirements

·         The program prompts the user to enter a loan amount and an interest rate.

·         The application calculates the interest amount and formats the loan amount, interest rate, and interest amount.
Then, it displays the formatted results to the user.

·         The application prompts the user to continue.

·         The program stops prompting the user for values after taking 3 loan amounts.

·         The application calculates and displays the total loan and interest amount and ends the program

Example Output

Welcome to the Interest Calculator

Enter loan amount:   520000

Enter interest rate: . 05375

Loan amount:         $520,000.00

Interest rate: 5.375%

Interest: $27,950.00

Would you like to enter another loan amount? (y/n): y

Enter loan amount:   4944.5

Enter interest rate:   .01

Loan amount:         $4,944.50

Interest rate : 1%

Interest : $49.45

Would you like to enter another loan amount? (y/n): n

Total loan = $524944.50

Total interest = $27999.45

Thank you.

Instructions

·         Use double variables for the loan amounts, interest rate, and interest amounts.

· You can use concatenation (use '+') to format and display the loan amount, interest rate, and total interest.

·         The application should continue only if the user enters “y” or “Y” to continue. Use equalsIgnoreCase() to test the strings entered by the user.

·         If the user has entered 3 loans, then set the while loop condition to “n” and end the while loop without prompting the user to continue.

·         After the loop, calculate and display the total loan and interest amount.

• //DBPM FORMAT TEMPLATE

public class Loan {
//create the private double attributes : loanAmt, interestRate, interestAmount, totalAmt

//create a default construction to initialize all of the attributes

//create a setter for each attribute

//create a getter for each attribute


//complete the calculateLoan method
public void calculateLoan()
{
System.out.println("loan amount : " + this.loanAmt);
System.out.println("interest rate: " + (/*convert the decimal to a whole number */ + "%");
System.out.println("interest : " + (/*calculate the interest rate for the loanAmt */ ) ) ;

//calculate the cumlative interestAmount


//compute the cumlative loanAmt

}
public static void main(String[] args)
{
String flag="";
int counter=0;
double loanvalue=0.0;
double interest = 0.0;
System.out.println("Welcome to the Interest Calculator");
//create a Loan called obj

Scanner keyboard = new Scanner(System.in);

do {
System.out.print("Enter loan amount : ");
loanvalue = keyboard.nextDouble();
System.out.print("Enter interest rate: ");
interest = keyboard.nextDouble();

//use the setter to set the loanAmt with the loanvalue for the Loan obj

//use the setter to set the interestRate with the interest for the Loan obj

//call the calculateLoan method for the Loan obj


System.out.print("\nWould you like to enter another loan amount? (y/n):");
Scanner input = new Scanner(System.in);
flag = input.nextLine();

if (++counter >=3) flag="n";
} while ( flag.equalsIgnoreCase("Y"));
System.out.println("\nTotal loan : " + /*get the total Amt for the Loan obj */ );
System.out.println("Total interest : " + /*get the interest Amount for the Loan obj */ );
}
}

Answer 1

//if any error encounters or changes needed please do comment

//please thumbs up if it helps

//Code

import java.util.Scanner;

public class Loan {

// create the private double attributes : loanAmt, interestRate, interestAmount,

private double loanAmt, interestRate, interestAmount;

// totalAmt

private double totalAmt;

// create a default construction to initialize all of the attributes

public Loan() {

loanAmt = 0;

interestRate = 0;

interestAmount = 0;

totalAmt = 0;

}

// create a setter for each attribute

public void set_loanAmt(double loanAmt) {

this.loanAmt = loanAmt;

}

public void set_interestRate(double interestRate) {

this.interestRate = interestRate;

}

// create a getter for each attribute

public double get_loanAmt() {

return this.loanAmt;

}

public double get_interestRate() {

return this.interestRate;

}

public double get_totalAmt() {

return this.totalAmt;

}

public double get_interestAmount() {

return this.interestAmount;

}

// complete the calculateLoan method

public void calculateLoan() {

System.out.println("loan amount : $" + this.loanAmt);

System.out.println("interest rate: " + this.interestRate*100 + "%");

System.out.println(

"interest : $" + this.loanAmt * this.interestRate/* calculate the interest rate for the loanAmt */ );

// calculate the cumlative interestAmount

interestAmount += this.loanAmt * this.interestRate;

// compute the cumlative loanAmt

totalAmt += this.loanAmt;

}

public static void main(String[] args){

String flag="";

int counter=0;

double loanvalue=0.0;

double interest = 0.0;

System.out.println("Welcome to the Interest Calculator");

//create a Loan called obj

Loan obj=new Loan();

Scanner keyboard = new Scanner(System.in);

do {

System.out.print("Enter loan amount : ");

loanvalue = keyboard.nextDouble();

System.out.print("Enter interest rate: ");

interest = keyboard.nextDouble();

//use the setter to set the loanAmt with the loanvalue for the Loan obj

obj.set_loanAmt(loanvalue);

//use the setter to set the interestRate with the interest for the Loan obj

obj.set_interestRate(interest);

//call the calculateLoan method for the Loan obj

obj.calculateLoan();

System.out.print("\nWould you like to enter another loan amount? (y/n):");

Scanner input = new Scanner(System.in);

flag = input.nextLine();

if (++counter >=3) flag="n";

} while ( flag.equalsIgnoreCase("Y"));

System.out.println("\nTotal loan : $" +obj.get_totalAmt() /*get the total Amt for the Loan obj */ );

System.out.println("Total interest : $" +obj.get_interestAmount() /*get the interest Amount for the Loan obj */ );

}

}

Output: