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Java Mortgage Calculator Problem…?

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Problem: A program written in Java (without a graphical user interface) that will calculate and display the monthly payment amount to fully amortize a $200,000.00 loan over a 30 year term at 5.75‰ interest.

The good news is the code is compiling without errors. The bad news is I am having difficulty getting the loan to fully amortize and display the payments as the loan principle decreases. Can someone please help?!?!?!? Here is the code I have so far:

import java.text.*;
public class mortgage
{
public static void main(String[] args)
{
//declaration statements
int length=30; // 30 year mortgage
double balance =200000.00; //amount borrowed
double rate=5.75;
double monthly_payment = 0.00;
double monthly_principal=0.00;
double monthly_interest = 0.00;
NumberFormat currency=NumberFormat.getCurrencyInstance();
double y_rate = (rate /100/12);
double monthly_payments = balance * ( y_rate / (1 – Math.pow((1+y_rate),-1*(length*12) ) ));
y_rate = (rate/100)/12;
System.out.println(“ttMortgage Payment Formula”);
System.out.println(“ttBalance own is $200,000″);
System.out.println(“ttYearly interest rate is 5.75%”);
System.out.println(“ttThe length of loan is 30 yearsn”);

// start of loop to calculate interest paid and balance owe
// print statement as balance increment,as interest increment
for (int mpi =1; mpi<=length*12; mpi++) { // months of payment being decrimented start counter
monthly_interest = (balance*y_rate);
balance = (balance – monthly_principal);
monthly_principal = (monthly_payment – monthly_interest);
System.out.println("Balance is $" + currency.format(balance));
System.out.println("Interest paid is $" + currency.format(monthly_interest));

try {Thread.sleep(10);} catch (InterruptedException e){}

}
}
}

Incoming search terms:

    Bored
    Posted 3 months ago

    You declare “double monthly_payment”
    Then later you declare “double monthly_payments”
    The second one ends with an s. You also never use it.

    Delete “double monthly_payment = 0.00;” and rename “double monthly_payments” to “double monthly_payment”

      HomeworkJAVA
      Posted 3 months ago

      Please rate as best answer

      HEre is proper code

      import java.text.*;
      public class mortgage
      {
      public static void main(String[] args)
      {
      //declaration statements
      int length=30; // 30 year mortgage
      double balance =200000.00; //amount borrowed
      double rate=5.75;
      double monthly_payment = 0.00;
      double monthly_principal=0.00;
      double monthly_interest = 0.00;
      NumberFormat currency=NumberFormat.getCurrencyInstanc…
      double y_rate = (rate /100/12);
      double monthly_payment = balance * ( y_rate / (1 – Math.pow((1+y_rate),-1*(length*12) ) ));
      y_rate = (rate/100)/12;
      System.out.println(“ttMortgage Payment Formula”);
      System.out.println(“ttBalance own is $200,000″);
      System.out.println(“ttYearly interest rate is 5.75%”);
      System.out.println(“ttThe length of loan is 30 yearsn”);

      // start of loop to calculate interest paid and balance owe
      // print statement as balance increment,as interest increment
      for (int mpi =1; mpi<=length*12; mpi++) { // months of payment being decrimented start counter
      monthly_interest = (balance*y_rate);
      balance = (balance – monthly_principal);
      monthly_principal = (monthly_payment – monthly_interest);
      System.out.println("Balance is $" + currency.format(balance));
      System.out.println("Interest paid is $" + currency.format(monthly_interest));

      try {Thread.sleep(10);} catch (InterruptedException e){}

      }
      }
      }

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