Stuck on for loops for this computer science lab. The assigment is Read in start
ID: 3735060 • Letter: S
Question
Stuck on for loops for this computer science lab. The assigment is
Read in starting value in account, yearly interest rate and number of months
– Create method called calculateMonthly that gets yearly interest rate and calculates monthly rate and assign it to a monthly interest rate variable
– Create a method called CalcInterest and pass the current value in account and monthly interest rate. It should return new amount in the savings account .
– Create loop that executes the number of months and calls the method each month returning the new value in the account
– When loop is done print the amount in the account
– Test it for 4 months with starting value of $100 and 12% yearly rate. Should get same result as previous lab
– Also test it for 3 months with 0% yearly interest rate.
The code I have so far is
package Labs;
import java.util.Scanner;
public class Lab08 {
public static void main(String[] args) {
//Create scanner
Scanner getInfo = new Scanner(System.in);
//variables
double accountAmount, monthlyInterestRate;
double yearlyInterest, oneYear, accountBalance;
//read in values print statement
System.out.println("Please enter amount in account ");
accountAmount = getInfo.nextDouble();
//read in values for amount in account and monthly interest rate (yearly interest rate / 12 months
System.out.println("Enter yearly interest in floating point ");
yearlyInterest = getInfo.nextDouble();
System.out.println("Enter in the amount of months in a year ");
>
//close scanner
getInfo.close();
//print statement for interest rate method and calculation for interest in account
monthlyInterestRate = calcMonthlyDoubles(yearlyInterest, oneYear);
System.out.println("The monthly interest is "+monthlyInterestRate);
accountBalance = calcInterestDoubles(accountAmount, monthlyInterestRate);
System.out.println("Account balance after interest rate is "+ accountBalance);
}//end of main method
public static double calcMonthlyDoubles(double yearlyInterest, double oneYear) {
double result;
result = yearlyInterest / oneYear;
return result;
}//end of calculateMonthly method
public static double calcInterestDoubles(double accountAmount, double monthlyInterestRate) {
double result;
result = accountAmount + monthlyInterestRate*accountAmount;
return result;
}//end of calcInterest method
}
Explanation / Answer
Given below is the modified code for the question.
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package Labs;
import java.util.Scanner;
public class Lab08 {
public static void main(String[] args) {
//Create scanner
Scanner getInfo = new Scanner(System.in);
//variables
double accountAmount, monthlyInterest;
double yearlyInterest;
int months;
//read in values for amount in account and yearly interest and no. of months
System.out.println("Please enter starting amount in account: ");
accountAmount = getInfo.nextDouble();
System.out.println("Enter yearly interest rate (E.g. 0.12 for 12%): ");
yearlyInterest = getInfo.nextDouble();
System.out.println("Enter the number of months to calculate interest: ");
months = getInfo.nextInt();
//close scanner
getInfo.close();
//calculate monthlyinterest
monthlyInterest = calculateMonthly(yearlyInterest);
//use for loop to add monthly interest for specified no. of months
for(int i= 1; i <= months; i++)
{
accountAmount = calcInterest(accountAmount, monthlyInterest);
}
System.out.println("The monthly interest is "+monthlyInterest);
System.out.println("Account balance after "+ months + " months is "+ accountAmount);
}//end of main method
public static double calculateMonthly(double yearlyInterest) {
double result;
result = yearlyInterest / 12;
return result;
}//end of calculateMonthly method
public static double calcInterest(double accountAmount, double monthlyInterestRate) {
double result;
result = accountAmount + monthlyInterestRate*accountAmount;
return result;
}//end of calcInterest method
}
output
=====
Please enter starting amount in account:
100
Enter yearly interest rate (E.g. 0.12 for 12%):
0.12
Enter the number of months to calculate interest:
4
The monthly interest is 0.01
Account balance after 4 months is 104.060401