Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8.

Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8.


import java.util.*;
public class Interest {
public static void main(String[] args) {
Scanner sc = new Scanner(System.in);
        double loanamount = sc.nextDouble();
        System.out.println("Loan Amount: "+loanamount);
int years = sc.nextInt();
System.out.println("Number of Years: "+years);
        System.out.println("Interest Rate    Monthly Payment    Total Payment");
for (double i = 5.0; i <= 8; i += 0.125) 
{
System.out.printf("%-5.3f", i);
System.out.print("%           ");
double monthlyir = i / 1200;
double monthlyPayment = loanamount * monthlyir / (1- 1 / Math.pow(1 + monthlyir,years * 12));
System.out.printf("%-19.2f", monthlyPayment);
System.out.printf("%-8.2f\n",(monthlyPayment * 12) * years);
}
}

}

output:

Loan Amount: 10000.0
Number of Years: 5
Interest Rate    Monthly Payment    Total Payment
5.000%           188.71             11322.74
5.125%           189.29             11357.13
5.250%           189.86             11391.59
5.375%           190.44             11426.11
5.500%           191.01             11460.70
5.625%           191.59             11495.35
5.750%           192.17             11530.06
5.875%           192.75             11564.84
6.000%           193.33             11599.68
6.125%           193.91             11634.59
6.250%           194.49             11669.56
6.375%           195.08             11704.59
6.500%           195.66             11739.69
6.625%           196.25             11774.85
6.750%           196.83             11810.08
6.875%           197.42             11845.37
7.000%           198.01             11880.72
7.125%           198.60             11916.14
7.250%           199.19             11951.62
7.375%           199.79             11987.16
7.500%           200.38             12022.77
7.625%           200.97             12058.44
7.750%           201.57             12094.18
7.875%           202.17             12129.97

8.000%           202.76             12165.84

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