Calculation

Interest = Loan Amount * Interest Rate

Specifications

Use pseudocode and/or flowcharts to map out your logic before you start coding!

Use the Scanner class to get user input as doubles.

Use BigDecimal arithmetic to make sure that all calculations are accurate.

Specify scaling and rounding mode when appropriate to make sure that all values are displayed properly.

Use NumberFormat or DecimalFormat to format output values.

Display the Loan amount and Interest as U.S. currency 2 decimal places, a dollar symbol ($), and round up if the third decimal place is five or greater.

Display the Interest rate as a percent exactly 3 decimal places always displayed with a percent symbol (%). Continue only if the user enters y or Y at the Continue? prompt.

Assume the user will enter valid double values for the loan amount and interest rate. Include appropriate comments throughout the code, and include a comment header at the top.

Test thoroughly. Produce output that matches above example.

Hints Scaling only needs to be used on the calculation for Interest use a Scale of 2 and a RoundingMode of HALF_UP. If you get $27,950.00 for the first example, dont sweat it. You are doing more scaling than I was asking you to do. It wont be marked wrong for either answer provided youre showing me you understand how to use the setScale() method.

Note: Through Java, NetBeans IDE create the calculation as shown in the output picture.

Project: Ch 3 - Loan Amount Calculator Console Output - Solution - Interest Calculator JEH (run) x run: Welcome to the Interest Calculator Enter loan amount: Enter interest rate: 520000 .053745 Loan amount : Interest rate: Interest: $520,000.00 5.3756 $27,947.40 Continue? (y): Y Enter loan amount: Enter interest rate: 4944.5 .01 Loan amount: Interest rate: Interest: $4,944.50 1.0009 $49.45 Continue? (y): n BUILD SUCCESSFUL (total time: 57 seconds) Submission Name your project Interest CalculatorXXX, where XXX is your initials. Name your class file InterestAppXXX.java, where XXX is your initials. Submit ONLY your .java file - located inside your project folder, then the src folder. Possible points: 10 DUE Sunday, 01/23, at 11:59pm Operation The application prompts the user to enter a loan amount and an interest rate. The application calculates the interest amount and formats the loan amount, interest rate, and interest amount. Then, it displays the formatted results to the user. The application prompts the user to continue