Question

am not getting this program to display my instalments correctly can I please get some help thanks……

package Loops;

import java.util.Scanner;

/**
 *
 * 
 */
public class program {

    public static void main(String[] args) {
        Scanner input = new Scanner(System.in);
        //variabled decleared
        double rate;
        double payment;
        //input
        System.out.print("Enter Loan Amount:");
        double principal = input.nextDouble();
        System.out.print("Enter Annual Interest:");
        double interest = input.nextDouble();
        System.out.print("Total payments per year:");//12=monthly,4= quartely,2=semi-annually and 1=annually
        double period = input.nextDouble();
        System.out.print("Enter Loan Length :");
        int length = input.nextInt();

        //proces
        double n = period * length;
        rate = interest / 100;
        double monthly_rate = rate / period;
        payment = principal * (principal * (monthly_rate * Math.pow((1 + monthly_rate), n)));

        System.out.printf("Your Monthly sum is %.2f", payment);


    }
}

Answer 1

Try this for your formula:

//this is how much a monthly payment is
payment = (rate + (rate / ((Math.pow(1 + rate), n) -1)) * principal

This is based off one of the first google results for the formula. Please post the results and expected answer if it is wrong.

I’m pretty sure your formula is just off, as you stated above that there should be a denominator in the equation.

You can use r* Math.pow ((1+r),n) to calculate the numerator and part of the denominator