A Step-by-Step Information with Code and Instance

public class MortgageCalculator {
    
    personal static remaining double DEFAULT_INTEREST_RATE = 0.04;  
    personal static remaining int DEFAULT_LOAN_TERM = 30;           

    
    public static double calculateMonthlyPayment(double loanAmount, double interestRate, 
                         int loanTerm) {
        
        double monthlyInterestRate = interestRate / 12;

        
        int numberOfPayments = loanTerm * 12;

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

        return monthlyPayment;
    }

    public static void fundamental(String[] args) {
        
        double loanAmount = 200000;  
        double interestRate = DEFAULT_INTEREST_RATE;
        int loanTerm = DEFAULT_LOAN_TERM;

        double monthlyPayment = calculateMonthlyPayment(loanAmount, interestRate,
                                        loanTerm);

        System.out.println("Mortgage Quantity: $" + loanAmount);
        System.out.println("Curiosity Price: " + (interestRate * 100) + "%");
        System.out.println("Mortgage Time period: " + loanTerm + " years");
        System.out.println("Month-to-month Cost: $" + monthlyPayment);
    }
}

For that we are going to  break down the offered code step-by-step and clarify what every half does:

public class MortgageCalculator {
    
    personal static remaining double DEFAULT_INTEREST_RATE = 0.04;  
    personal static remaining int DEFAULT_LOAN_TERM = 30;           

Inside the category, we declare two constants:

DEFAULT_INTEREST_RATE: This fixed represents the default annual rate of interest as a decimal (4% is represented as 0.04).

DEFAULT_LOAN_TERM: This fixed represents the default mortgage time period in years (30 years).

Now, let’s examine the calculateMonthlyPayment() technique. 

Inside the strategy:

Now coming again to fundamental technique, the principle technique is the entry level of this system. It demonstrates easy methods to use the calculateMonthlyPayment technique to compute a month-to-month mortgage fee and shows the outcomes.

Inside the principle technique:

Lastly, we print out the instance mortgage particulars (mortgage quantity, rate of interest, mortgage time period) and the calculated month-to-month fee.

Step 3: Run the Mortgage Calculator

In an effort to run this program, you first want to save lots of the MortgageCalculator class with the identify MortagageCalculator.java. It’s essential to do not forget that identify of the general public class should be similar because the identify of the file on which it’s saved. 

Step 4: Person Interplay (Non-compulsory)

import java.util.Scanner;

public class MortgageCalculator {
    

    public static void fundamental(String[] args) {
        Scanner scanner = new Scanner(System.in);

        System.out.print("Enter Mortgage Quantity: $");
        double loanAmount = scanner.nextDouble();

        System.out.print("Enter Curiosity Price (%): ");
        double interestRate = scanner.nextDouble() / 100;

        System.out.print("Enter Mortgage Time period (years): ");
        int loanTerm = scanner.nextInt();

        scanner.shut();

        double monthlyPayment = calculateMonthlyPayment(loanAmount, interestRate, loanTerm);

        System.out.println("Mortgage Quantity: $" + loanAmount);
        System.out.println("Curiosity Price: " + (interestRate * 100) + "%");
        System.out.println("Mortgage Time period: " + loanTerm + " years");
        System.out.println("Month-to-month Cost: $" + monthlyPayment);
    }
}

Conclusion

That is all about easy methods to create a Mortgage Calculator in Java. Making a mortgage calculator in Java is a priceless train that demonstrates basic programming ideas, similar to mathematical calculations and person interplay utilizing Java programming language. By following the steps outlined on this article, you may simply construct a primary mortgage calculator and have the choice to reinforce it additional with person enter.

In an effort to study extra and follow, be happy to discover extra options, similar to dealing with completely different enter codecs, error dealing with, or making a graphical person interface, to make your mortgage calculator much more versatile and user-friendly. 

You too can prolong this system to calculate  full amortization schedule like how a lot EMI you’re going to pay each month till your load is totally redeemed. In order for you me to create that for you, be happy to ask in feedback. 

Pleased coding!

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