Mortgage

/*

File Name MortgageSchedule.java

Purpose Modify the mortgage program to display the mortgage payment

amount. Then, list the loan balance and interest paid for each payment

over the term of the loan. The list would scroll off the screen, but

use loops to display a partial list, hesitate, and then display more of

the list. Do not use a graphical user interface. Insert comments in

the program to document the program.

*/

import java.io.IOException;

import java.text.DecimalFormat;

public class MortgageSchedule //class header

{

public static void main(String[] args) //method header

{

DecimalFormat twoDigits = new DecimalFormat("0.00"); //formats the salary amount into 2 decimal places

//declare variables and arrays

double mortgage =200000;

double payment =0; //payment amount monthly

double interest =.0575; // Interest Rate (APR)

double interstmorate =(interest/12); //interest rate (monthly)

int term =30; // 30 years

int termmo =(term*12); //terms put into months

int linecount =20; //displays 20 lines

double totalpay =0; //Total mortgage amount + interest to be paid

double number =0; //number of payments made

double principalmo =0; //principal paid monthly

double interestmo =0; //interest paid monthly

double balance = mortgage;

// formats numbers to display only two decimal places

java.text.DecimalFormat dec = new java.text.DecimalFormat(",###.00");

//Caculate the Monthly Mortgage Payment

payment = (mortgage * interstmorate) / (1 - Math.pow(1 + interstmorate, - termmo));

//Print output of mortgage payment amount

System.out.println("Mortgage Amortization Program.");

System.out.println();

System.out.println("Mortgage Amount is $" + mortgage);

System.out.println("Interest Rate is "+ interest*100);

System.out.println("Loan Term in months is "+term*12);

System.out.println("Monthly Payment is $" + payment);

// Calculate Monthly Interest and Payments

interestmo