Prg420 Week2

import java.io.*;

import java.util.*;

import java.text.*;

public class Calculator //begins Calculator class

{

public static void main(String[] args) throws IOException

{

//declares variables and defines hard coded values

double principal = 200000;

double interest = 0.0575;

int term = 30;

//prints an explanation of the calculations to be performed

//and the data that will be displayed by he program

System.out.println("nThis program will calculate and display the monthly " +

"nmortgage payment needed to fully amortize a $200,000.00 loan " +

"nover a term of 30 years at a 5.75% interest rate.");

System.out.println();

System.out.println();

//calculations to find monthly interest rate and payment amount

double monthlyInterest = interest / 12;

double payment = (principal * monthlyInterest)

/ (1 - Math.pow(1/ (1 + monthlyInterest), term * 12));