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java mortgage calcuator using array for 3 different loan

P: 4
Need help programming mortagage calculator for 3 different loans 7 year, 15 year and 30 year. using java array I am a beginner with Java, This is what I have so far. Need to know if I am off the path,

import java.math.*;//*loan calculator
import java.text.*;//*formats numbers
public class 3 Mortgage loans {


// declare class variable array
int[] mortgage calculator

//construct the array
mortgage calculator = new int[17];

Expand|Select|Wrap|Line Numbers
  1.     Expand|Select|Wrap|Line Numbers
  •  
  •     
  •  
  • double loan = 200000
  •             double term1 =360//*360 month for 30 year mortgage
  •             double interRate1 = 0.0575; //*5.75% 5.75/100interest rate 30year mortgage
  •              double monthlyRate1 = (interestRate1/12)
  •             double term2 = 84//*7year mortgage loan
  •             double interestRate2 = 0.0535;//*5.35 5.35/100 interest rate 7 year mortgage
  •             double monthlyRate2 = (interestRate2/12);//*rate calculation on 7 year mortgage loan
  •             double term3 = 180 
  •  
  •     
  •  
  •  // 15 year mortgage
  •             double interestRate3 = 0.0550;//*5.5 5.5/100 interest rate on 15 year mortgage
  •             double monthlyRate3 = (interestRate3/12);//* monthlyRate for 15 year mortgage
  •  
  •             //Discount factr calculator for the three loans
  •             double discountFactor1 = (Math.pow ((1 + monthlyRate1),
  •             term1)-1/(monthlyRate1 * Math.pow((1 + monthlyRate1),term1));
  •  
  •             double discountFactor2 = (Math.pow((1  + monthlyRate2),term2)-1/
  •             (monthlyRate2* Math.pow((1 + monthlyRate2),term2));
  •  
  •             double discountFactor3 = (Math.pow((1 + monthlyRate3), term3) - 1)/
  •             (monthlyRate3 * Math.pow((1 + monthlyRate3), term3));
  •  
  •             double payment1 = loan/discountFactor1; //*Rate Calcualtion for 30 yearn mortgage
  •             double payment2 = loan/discountFactor2; //*Rate Calculaion for 7 year morgage
  •             double payment3 = loan/discountFactor3; //*Rate Clculation for 15 year mortgage
  •  
  • Dec 7 '06 #1
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    10K+
    P: 13,264
    Need help programming mortagage calculator for 3 different loans 7 year, 15 year and 30 year. using java array I am a beginner with Java, This is what I have so far. Need to know if I am off the path,

    import java.math.*;//*loan calculator
    import java.text.*;//*formats numbers
    public class 3 Mortgage loans {


    // declare class variable array
    int[] mortgage calculator

    //construct the array
    mortgage calculator = new int[17];

    Expand|Select|Wrap|Line Numbers
    1.     Expand|Select|Wrap|Line Numbers
  •  
  •     
  •  
  • double loan = 200000
  •             double term1 =360//*360 month for 30 year mortgage
  •             double interRate1 = 0.0575; //*5.75% 5.75/100interest rate 30year mortgage
  •             double monthlyRate1 = (interestRate1/12)
  •             double term2 = 84//*7year mortgage loan
  •             double interestRate2 = 0.0535;//*5.35 5.35/100 interest rate 7 year mortgage
  •             double monthlyRate2 = (interestRate2/12);//*rate calculation on 7 year mortgage loan
  •             double term3 = 180 
  •  
  •     
  •  
  •  // 15 year mortgage
  •             double interestRate3 = 0.0550;//*5.5 5.5/100 interest rate on 15 year mortgage
  •             double monthlyRate3 = (interestRate3/12);//* monthlyRate for 15 year mortgage
  •  
  •             //Discount factr calculator for the three loans
  •             double discountFactor1 = (Math.pow ((1 + monthlyRate1),
  •             term1)-1/(monthlyRate1 * Math.pow((1 + monthlyRate1),term1));
  •  
  •             double discountFactor2 = (Math.pow((1 + monthlyRate2),term2)-1/
  •             (monthlyRate2* Math.pow((1 + monthlyRate2),term2));
  •  
  •             double discountFactor3 = (Math.pow((1 + monthlyRate3), term3) - 1)/
  •             (monthlyRate3 * Math.pow((1 + monthlyRate3), term3));
  •  
  •             double payment1 = loan/discountFactor1; //*Rate Calcualtion for 30 yearn mortgage
  •             double payment2 = loan/discountFactor2; //*Rate Calculaion for 7 year morgage
  •             double payment3 = loan/discountFactor3; //*Rate Clculation for 15 year mortgage
  •  
  • use public class MortgageLoans as the class name. The one you have is invalid.
    You should define 3 arrays of type double not one of type int
    You will also need a loop to calculate the monthly repayments amounts.
    Make the above corrections and post the code
    Dec 7 '06 #2

    P: 4
    Unfortunately. This maybe a second posting. I sorry just getting started with this chat area. See new code below:

    /**
    * @(#)3 Mortgage loans.java
    *
    * 3 Mortgage loans application
    *
    * Phyllis J Jones
    * Purpose to write a program in Java without a graphical user interface and have
    it calculate the payment amount for 3 mortgage loans.
    */
    import java.math.*;//*loan calculator
    import java.text.*;//*formats numbers
    public class MortgageLoans {



    // declare class variable array
    double mortgage calculator1[];
    double mortgage calculator2[];
    double mortgage calculator3[];
    //construct the array
    mortgage calculator1 = new double[6];
    mortgage calculator2 = new double[6];
    mortgage calculator3 = new double[6];


    double loan = 200000
    double term1 =360//*360 month for 30 year mortgage
    double interRate1 = 0.0575; //*5.75% 5.75/100interest rate 30year mortgage
    double monthlyRate1 = (interestRate1/12)
    double term2 = 84//*7year mortgage loan
    double interestRate2 = 0.0535;//*5.35 5.35/100 interest rate 7 year mortgage
    double monthlyRate2 = (interestRate2/12);//*rate calculation on 7 year mortgage loan
    double term3 = 180 // 15 year mortgage
    double interestRate3 = 0.0550;//*5.5 5.5/100 interest rate on 15 year mortgage
    double monthlyRate3 = (interestRate3/12);//* monthlyRate for 15 year mortgage

    //Discount factr calculator for the three loans
    double discountFactor1 = (Math.pow ((1 + monthlyRate1),
    term1)-1/(monthlyRate1 * Math.pow((1 + monthlyRate1),term1));

    double discountFactor2 = (Math.pow((1 + monthlyRate2),term2)-1/
    (monthlyRate2* Math.pow((1 + monthlyRate2),term2));

    double discountFactor3 = (Math.pow((1 + monthlyRate3), term3) - 1)/
    (monthlyRate3 * Math.pow((1 + monthlyRate3), term3));

    double payment1 = loan/discountFactor1; //*Rate Calcualtion for 30 yearn mortgage
    double payment2 = loan/discountFactor2; //*Rate Calculaion for 7 year morgage
    double payment3 = loan/discountFactor3; //*Rate Clculation for 15 year mortgage



    //loop While not done
    while(loan > 0)
    {

    java.text.DecimalFormat dfm = new java.text.DecimalFormat(",###.00");
    System.out.println("Your monthly payment is $" + dfm.format(payment)+ "cemts");
    // loop while done
    if(loan>0)
    {
    double payment1 = loan/discountFactor1;//*Rate Calculation
    double payment2 = loan/discountFactor2;//*Rate Calculation
    double payment3 = loan/duiscountFactor3;//*Rate Calculation
    }
    else
    payment1 = payment/discountFactor1;//Rate Calculation
    payment2 = payment/discountFactor2;//Rate Calcuklation
    payment3 = payment/discountfactor3;//Rate Calculation
    }
    //Output

    }

    }
    Dec 8 '06 #3

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