FORMULA IS PMT= P(i(1+i)^n/(1+i)^n-1) Instructions: Write a Java program that implements the following tasks: 1. Prompt the

FORMULA IS PMT= P(i(1+i)^n/(1+i)^n-1)

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Instructions: Write a Java program that implements the following tasks: 1. Prompt the user for the following information about a loan: a. Interest Rate b. Loan Amount C. Number of payments 2. Calculate the monthly payment for the loan, using the following formula: Formula for Fixed Loan Repayment PMT == Fixed Principal & Interest Payment Per Period P = initial loan (principal) amount i = interest rate per period n = number of payment periods Note: You will need to use the Math.pow() method to implement this formula. 3. Display a loan summary as illustrated on the sample runs below: Sample program run #1: Enter monthly interest rate: 0.01 Enter loan amount: 10000 Enter number of payments: 36 Loan Summary ============ Loan amount: $10000.0 Monthly interest rate: 0.01 Number of payments: 36 Monthly payment: $332.14309812851167 Amount paid back: $11957. 15153262642 Interest paid: $1957.1515326264198 Sample program run #2: Enter monthly interest rate: Enter loan amount: 5000 Enter number of payments: 24 Loan Summary Loan amount: $5000.0 Monthly interest rate: 0.02 Number of payments: 24 0.02 Monthly payment: $264.3554862662493 Amount paid back: $6344.5316703899825 Interest paid: $1344.5316703899825 Additional Requirements: 1. Program Description: your program must include a brief description of what it does, placed at the top of your code as a comment line. One sentence is usually enough, for example: // This program calculates the area of a circle given a radius entered by the user. 2. Course Coding Conventions. Organizations adopt program coding standards to facilitate code reuse and maintenance. In this course, we will start using these coding conventions: a. Variable names must use camel case; do not use underscore for multi-word variable naming. See this page for details: Camel case - Wikipedia. Example: use loan Amount instead of loan_amount for a variable name. b. Constants naming. use all uppercase letter names, separating words using underscore. Example: use TAX RATE instead of tax rate or tax Rate for a constant name. Instructions: Write a Java program that implements the following tasks: 1. Prompt the user for the following information about a loan: a. Interest Rate b. Loan Amount C. Number of payments 2. Calculate the monthly payment for the loan, using the following formula: Formula for Fixed Loan Repayment PMT == Fixed Principal & Interest Payment Per Period P = initial loan (principal) amount i = interest rate per period n = number of payment periods Note: You will need to use the Math.pow() method to implement this formula. 3. Display a loan summary as illustrated on the sample runs below: Sample program run #1: Enter monthly interest rate: 0.01 Enter loan amount: 10000 Enter number of payments: 36 Loan Summary ============ Loan amount: $10000.0 Monthly interest rate: 0.01 Number of payments: 36 Monthly payment: $332.14309812851167 Amount paid back: $11957. 15153262642 Interest paid: $1957.1515326264198 Sample program run #2: Enter monthly interest rate: Enter loan amount: 5000 Enter number of payments: 24 Loan Summary Loan amount: $5000.0 Monthly interest rate: 0.02 Number of payments: 24 0.02 Monthly payment: $264.3554862662493 Amount paid back: $6344.5316703899825 Interest paid: $1344.5316703899825 Additional Requirements: 1. Program Description: your program must include a brief description of what it does, placed at the top of your code as a comment line. One sentence is usually enough, for example: // This program calculates the area of a circle given a radius entered by the user. 2. Course Coding Conventions. Organizations adopt program coding standards to facilitate code reuse and maintenance. In this course, we will start using these coding conventions: a. Variable names must use camel case; do not use underscore for multi-word variable naming. See this page for details: Camel case - Wikipedia. Example: use loan Amount instead of loan_amount for a variable name. b. Constants naming. use all uppercase letter names, separating words using underscore. Example: use TAX RATE instead of tax rate or tax Rate for a constant name.

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Heres a Java program that implements the tasks you described import javautilScanner public class Loa... View the full answer