Question

Mr. Mike wants to calculate a monthly mortgage payment. Assume that the interest rate is compounded monthly.
Prompt the user for a double representing the annual interest rate.
Prompt the user for the number of years the mortgage will be held. ( typical input here is 10,15 or 30)
Prompt the user for a number representing the mortgage amount borrowed from the bank.
Write a Java Program that calculates the monthly mortgage payment.
Output the summary of the mortgage problem as follows
The annual interest rate in percent notation.
The mortgage amount in Omani Rials.
The monthly payment in Omani Rials with only to significant digits after the decimal point.
The total payment over the years with only two significant digits after the decimal point.
The overpayment, i.e., the difference between the total payment over the years and the mortgage amount.

Answer 1

Explanation:I have written the code for calculating the mortgage payment in the class MortgagePayment and have also shown the output, please find the image attached with the answer.Please upvote if you liked my answer and comment if you need any modification or explanation.

//code

import java.util.Scanner;

public class MortgagePayment {

   public static void main(String[] args) {
       Scanner input = new Scanner(System.in);
       System.out.print("Enter the annual interest rate:");
       double interestRate = input.nextDouble();
       System.out.print("Enter number of years the mortgage will be held:");
       int noOfYears = input.nextInt();
       System.out.print("Enter the mortgage amount borrowed from the bank:");
       double mortgageAmount = input.nextDouble();
       double monthlyInterestRate = (interestRate / 100) / 12;
       int numberOfPayements = 12 * noOfYears;
       // formula for monthly mortgage payment M = P [ i(1 + i)^n ] / [ (1 +
       // i)^n – 1]
       double monthlyPayment = ((mortgageAmount) * (monthlyInterestRate
               * (Math.pow((1 + monthlyInterestRate), numberOfPayements))))
               / ((Math.pow((1 + monthlyInterestRate), numberOfPayements)
                       - 1));
       System.out
               .println("The annual interest rate is: " + interestRate + "%");
       System.out
               .println("The mortgage amount is: " + mortgageAmount + " OMR");
       System.out.println("The monthly payment is: "
               + Math.round(monthlyPayment * 100.0) / 100.0 + " OMR");
       double totalPayment = monthlyPayment * numberOfPayements;
       System.out.println("The total payment is: "
               + Math.round(totalPayment * 100.0) / 100.0 + " OMR");
       double overPayment = totalPayment - mortgageAmount;
       System.out.println("The over payment is: "
               + Math.round(overPayment * 100.0) / 100.0 + " OMR");

       input.close();

   }

}

Output: