CSCI $1301$: Introduction to Computing and Programming

Project $1$: Credit Card Pay Off

Introduction

This project will allow you to apply your knowledge of variables, assignments, expressions, type

casting, input, output, and basic algorithm design. The program can be completed using variable

assignment statements as well as input and output statements. You are free, however, to use any

other features of Java.

You will write a Java application to compute and display the number of months needed to pay

off credit card debt. Your program will prompt the user for the following three things:

$$ the principal, which is the amount of money owed on the credit card;

$$ the annual interest rate;

$$ the monthly payment, the amount the user plans to pay the credit card company each month.

Based on these inputs, the program will compute the number of months required to pay the debt.

It will also compute the total amount paid to the credit card company after all payments are

made, the total the amount of interest paid, and the overpayment.

The number of months needed to pay off the debt can be calculated using the following formula.