I need help writing a java program that reads from a text file the following inf

Question

I need help writing a java program that reads from a text file the following information: 1. To calculate monthly payment 2. To print out monthly payment and total interest payment for the duration of loan rounded to its nearest integer. A person has taken a loan of $6000.00 for a fixed annual interest rate of 6% for 5 years with no down payment. The monthly payment has been fixed at $116.00 for entire term of the loan.

Here is the formula to calculate monthly fixed payment:

P = (monthly rate * Loan amount) / (1 - (1+monthly interest rate)^-n)

Here n is no of payment periods. If the input is 6000~5~6~0 the output should give $116.00~$960]. If the input is 5000~5~6~0 the output should give $96.66~$800

The program must read the input in the format of the example

Explanation / Answer

Hi..

import java.text.NumberFormat;
import java.util.Scanner;

public class MothlyPay {

public static double calculateMonthlyPayment(
int loanAmount, int termInYears, double interestRate) {

// Convert interest rate into a decimal
// eg. 6.5% = 0.065

interestRate /= 100.0;

// Monthly interest rate
// is the yearly rate divided by 12

double monthlyRate = interestRate / 12.0;

// The length of the term in months
// is the number of years times 12

int termInMonths = termInYears * 12;

// Calculate the monthly payment
// Typically this formula is provided so
// we won't go into the details

// The Math.pow() method is used calculate values raised to a power

double monthlyPayment =
(loanAmount*monthlyRate) /
(1-Math.pow(1+monthlyRate, -termInMonths));

return monthlyPayment;
}

public static void main(String[] args) {

// Scanner is a great class for getting
// console input from the user

Scanner scanner = new Scanner(System.in);

// Prompt user for details of loan

System.out.print("Enter loan amount: ");
int loanAmount = scanner.nextInt();

System.out.print("Enter loan term (in years): ");
int termInYears = scanner.nextInt();

System.out.print("Enter interest rate: ");
double interestRate = scanner.nextDouble();

// Display details of loan

double monthlyPayment = calculateMonthlyPayment(loanAmount, termInYears, interestRate);
double totalPayed = 0;
int month = 0;
double loanAmountRemaining;
// NumberFormat is useful for formatting numbers
// In our case we'll use it for
// formatting currency and percentage values
while(totalPayed <= loanAmount){
totalPayed = totalPayed + monthlyPayment;
double totalLoanAmount = loanAmount + interestRate;
loanAmountRemaining = totalLoanAmount - totalPayed;
month ++;
}
if(monthlyPayment > loanAmount)
totalPayed = totalPayed + loanAmountRemaining;
}

// Display details of the loan
//HERE IS THE ISSUE BELOW, I CANT GET IT TO DISPLAY THE AMOUNT OF PAYMENTS FOR (x) MONTHS AND FOR IT TO DISPLAY THE REST OF THE INFO WITH IT FOR THE FOLLOWING VARIABLE LISTED IN THE PRINTF STATEMENT.

System.out.printf("%9s %9s %9s %9s ", "monthlypayment", "interestRate", "loanAmount", "loanAmountRemaining");
}

thanks

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