Mortgage Payment Calculator

This program will return the monthly amortized, compounded monthly mortgage payment given Amount, Term, and Interest Rate. For this program, these items are hard coded.

//Import statements  

import java.math.*;
import java.text.DecimalFormat;
import java.io.*;

//Class declaration  

public class MortgageWeek4f
{// open class variables
 // Class Variables
 // declaring and initializing the arrays
 double[] interestRate = { 5.35, 5.5, 5.75 }; // array for the interest rate
 double[] monthlyPayment = new double[3]; // array for the monthly payment
           // amount. computed below
 int[] loanLength = { 84, 180, 360 }; // array for the loan length
 // variable declarations and initializations
 double loanAmount = 200000;
 double discount = 0;
 // decimal format used to format the number output
 DecimalFormat decimalPlaces = new DecimalFormat("$#,##0.00");
 {// Program opening brace
  // *******************formula for the monthlyPayment amount
 // variable********************************
  for (int i = 0; i < 3; i++) // this formula will increment the arrays
         // and use each one sequentially
  { // open for loop
   discount = Math.pow((1 + ((interestRate[i] / 100) / 12)),
     loanLength[i])
     / (Math.pow((1 + ((interestRate[i] / 100) / 12)),
       loanLength[i]) - 1);

   monthlyPayment[i] = loanAmount * ((interestRate[i] / 100) / 12)
     * discount;

  } // close for loop

  // initial output statements
  System.out.println("\t Mortgage Calculator");
  System.out.println("\t   by Larry Marcus");
  System.out.print("\n\nOriginal Amount   \t="
    + decimalPlaces.format(loanAmount) + "\n\n\n");

  // Prints out a nice formatting line
  System.out
    .print("********************************************************************************");

  // output statements for results of the formula above
  System.out.println("Interest Rate (APR)\t=\t"
  + interestRate[0] + "%\t\t"
  + interestRate[1] + "%\t\t"
  + interestRate[2] + "%");

  System.out.println("Term of loan       \t=\t"
  + loanLength[0] / 12 + " years\t\t"
  + loanLength[1] / 12 + " years\t"
  + loanLength[2] / 12 + " years");

  System.out.print("Monthly Payment      \t=\t"
  + decimalPlaces.format(monthlyPayment[0]) + "\t"
  + decimalPlaces.format(monthlyPayment[1]) + "\t"
  + decimalPlaces.format(monthlyPayment[2]) + "\n");

  // Prints out a nice formatting line
  System.out
    .print("********************************************************************************");

  System.out.println("\n\n\n");

 }// program closing brace

}