Question

JAVA

You have been scrimping and saving and are now looking to buy a new car.

You decided you want to buy a Honda Civic because of its good gas mileage, good trade in value and available features. Now you get to choose a package

of options.

Base price: $17,950

The car comes with these different option packages:

Option ‘P’ includes: auto transmission, power windows and locks, stereo sound system. Cost: base + 1200

Option ‘L’ includes: all of the above plus MP3 player, security alarm, cruise control. Cost: base + 1800

Option ‘D’ includes: all of the above plus deluxe detailing, pin stripes, leather seats, wind bar. Cost: base + 2500

Option ‘S’ includes: all of the above plus seat heaters, Bose speakers, OnStar, steering wheel control of music system, chrome rims. Cost: base + 3100

You want to know how much you can borrow and what the monthly payment would be.

Ask the user to enter the

 options package (if any)

 down payment amount

 annual interest rate of loan (as a percent ie: user enters 5 for 5% (which is .05)

 length of loan in years

 annual income

This is the formula to compute the monthly payment:

MP = P * (J/(1 – ((1 + J) -N) ) ) //1 this is a one not an i

 MP = monthly payment (this is the amount you will calculate)

 P = principal, the amount of the loan (car price – down payment)

 I = the annual interest rate (from 1 to 100 percent like 3.8 or 5.5)

 L = length, the length (in years) of the loan, or at least the length over which the loan is amortized. (like 5.2 years, 3.5 years…)

The following assumes a typical conventional loan where the interest is compounded monthly. First I will define two more variables to make the calculations easier:

 J = monthly interest in decimal form = I / (12 x 100)

 N = number of months over which loan is amortized = L x 12

You will need to use the built in pow( ) function for the exponent.

This is how to use the pow( ) function.

answer = Math.pow(2,3); //will result in answer being 23, which is 8

You are eligible for the loan if your monthly income is at least four times the monthly car payment.

Write a program that first presents the user with a list of package options: ‘P’, ‘L’, ‘D’ or ‘S’.

Make this presentation of options visually pleasing. The user may enter ‘B’ for just the basic car, with no options.

From the choice of the options package determine the cost of the car.

Then prompt the user to enter their down payment amount, life of loan, annual interest rate and annual income.

From all the data collected from the user, determine the monthly payment and determine if the user is eligible for the loan. The user is eligible if his/her monthly income is at least four times greater

than or equal to the monthly payment.

Your output should print the price of the car, the down payment amount, the loan amount, the monthly payment and a message stating whether the user is eligible to take the loan or not.

All documentation standards apply.

Answer 1

Code

import java.text.NumberFormat;
import java.util.Locale;
import java.util.Scanner;
public class Main
{
public static void main(String[] args)
{
Scanner sc =new Scanner(System.in);
String choice;
double basePrice=17950.00;
double finalPrice=0,downPayment,I,annualIncome,MP;
int L;
NumberFormat us = NumberFormat.getCurrencyInstance(Locale.US);
System.out.println("Option ‘P’ includes: auto transmission, power windows and locks, stereo sound system. Cost: base + 1200");
System.out.println("Option ‘L’ includes: all of the above plus MP3 player, security alarm, cruise control. Cost: base + 1800");
System.out.println("Option ‘D’ includes: all of the above plus deluxe detailing, pin stripes, leather seats, wind bar. Cost: base + 2500");
System.out.println("Option ‘S’ includes: all of the above plus seat heaters, Bose speakers, OnStar, steering wheel control of music system, chrome rims. Cost: base + 3100");
System.out.println("‘B’ for just the Basic model.");
System.out.print("\n\nEnter you option : ");
choice=sc.next();
if(choice.equalsIgnoreCase("p"))
finalPrice=basePrice+1200;
else if(choice.equalsIgnoreCase("l"))
finalPrice=basePrice+1800;
else if(choice.equalsIgnoreCase("d"))
finalPrice=basePrice+2500;
else if(choice.equalsIgnoreCase("s"))
finalPrice=basePrice+3100;
else if(choice.equalsIgnoreCase("b"))
finalPrice=basePrice;
System.out.print("Please enter the down payment : ");
downPayment=sc.nextDouble();
System.out.print("Please enter length of loan in years: ");
L =sc.nextInt();
System.out.print("Please enter intrest rate: ");
I=sc.nextDouble();
System.out.print("Please the annual income : ");
annualIncome=sc.nextDouble();
  
double P=finalPrice-downPayment;
double J=I/(12*100);
int N=L*12;
  
MP=(P*J) / (1-Math.pow(1+J, -N));
  
double monthlyIncome=annualIncome/12;
System.out.println("\nCar price: "+us.format(finalPrice));
System.out.println("Down payment amount: "+us.format(downPayment));
System.out.println("Loan amount: "+us.format(P));
System.out.println("Monthly Payment : "+us.format(MP));
if(4*MP<monthlyIncome)
System.out.println("Eligible for loan");
else
System.out.println("Not Eligible for loan");
}
}

output

If you have any query regarding the code please ask me in the comment i am here for help you. Please do not direct thumbs down just ask if you have any query. And if you like my work then please appreciates with up vote. Thank You.