By using this site, you agree to our updated Privacy Policy and our Terms of Use. Manage your Cookies Settings.
438,553 Members | 1,128 Online
Bytes IT Community
+ Ask a Question
Need help? Post your question and get tips & solutions from a community of 438,553 IT Pros & Developers. It's quick & easy.

3 mortgage loan calculator

P: 4
please help resolve some error messages code is compling with errors
see below the code. I am new at this please help!

/**
* @(#)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 #1
Share this Question
Share on Google+
1 Reply


Expert 100+
P: 1,510
fixed a few errors - what is now missing is the variable payment
Expand|Select|Wrap|Line Numbers
  1. /**
  2. * @(#)3 Mortgage loans.java
  3. *
  4. * 3 Mortgage loans application
  5. *
  6. * Phyllis J Jones
  7. * Purpose to write a program in Java without a graphical user interface and have
  8. it calculate the payment amount for 3 mortgage loans.
  9. */
  10. import java.math.*;//*loan calculator
  11. import java.text.*;//*formats numbers
  12. public class MortgageLoans {
  13.  
  14. public static void main(String args[])  // ** added
  15. {
  16.  
  17.  
  18. // declare class variable array
  19. double mortgageCalculator1[] = new double[6];  // ** new added ;
  20. double mortgageCalculator2[] = new double[6];
  21. double mortgageCalculator3[] = new double[6];
  22. //construct the array
  23. //mortgageCalculator1 = new double[6];
  24. //mortgageCalculator2 = new double[6];
  25. //mortgageCalculator3 = new double[6];
  26.  
  27.  
  28. double loan = 200000;  // ** add ;
  29. double term1 =360;//*360 month for 30 year mortgage
  30. double interestRate1 = 0.0575; //*5.75% 5.75/100interest rate 30year mortgage
  31. double monthlyRate1 = (interestRate1/12); // ** ; added
  32. double term2 = 84;//*7year mortgage loan
  33. double interestRate2 = 0.0535;//*5.35 5.35/100 interest rate 7 year mortgage
  34. double monthlyRate2 = (interestRate2/12);//*rate calculation on 7 year mortgage loan
  35. double term3 = 180; // 15 year mortgage
  36. double interestRate3 = 0.0550;//*5.5 5.5/100 interest rate on 15 year mortgage
  37. double monthlyRate3 = (interestRate3/12);//* monthlyRate for 15 year mortgage
  38.  
  39. //Discount factr calculator for the three loans
  40. double discountFactor1 = (Math.pow ((1 + monthlyRate1),term1)-1/(monthlyRate1 * Math.pow((1 + monthlyRate1),term1))); // ** added )
  41.  
  42. double discountFactor2 = (Math.pow((1 + monthlyRate2),term2)-1/(monthlyRate2* Math.pow((1 + monthlyRate2),term2))); // ** added )
  43.  
  44. double discountFactor3 = (Math.pow((1 + monthlyRate3), term3) - 1)/(monthlyRate3 * Math.pow((1 + monthlyRate3), term3));
  45.  
  46. double payment1 = loan/discountFactor1; //*Rate Calcualtion for 30 yearn mortgage
  47. double payment2 = loan/discountFactor2; //*Rate Calculaion for 7 year morgage
  48. double payment3 = loan/discountFactor3; //*Rate Clculation for 15 year mortgage
  49.  
  50.  
  51. //loop While not done
  52. while(loan > 0)
  53. {
  54.  
  55. java.text.DecimalFormat dfm = new java.text.DecimalFormat(",###.00");
  56. System.out.println("Your monthly payment is $" + dfm.format(payment)+ "cemts");
  57. // loop while done
  58. if(loan>0)
  59. {
  60. payment1 = loan/discountFactor1;//*Rate Calculation
  61. payment2 = loan/discountFactor2;//*Rate Calculation
  62. payment3 = loan/discountFactor3;//*Rate Calculation
  63. }
  64. else
  65. payment1 = payment/discountFactor1;//Rate Calculation
  66. payment2 = payment/discountFactor2;//Rate Calcuklation
  67. payment3 = payment/discountFactor3;//Rate Calculation
  68. }
  69. //Output
  70.  
  71. }
  72.  
  73. }
  74.  
Dec 8 '06 #2

Post your reply

Sign in to post your reply or Sign up for a free account.