I need help writing a java program to: 1. To calculate monthly payment 2. To print out monthly payment and total interest payment for the duration of loan rounded to its nearest integer.

A person has taken a loan of $6000.00 for a fixed annual interest rate of 6% for 5 years with no down payment. The monthly payment has been fixed at $116.00 for entire term of the loan. Here is the formula to calculate monthly fixed payment:

P = (monthly rate * Loan amount) / (1 - (1+monthly interest rate)^-n) Here n is no of payment periods. 

If the input (of text file) is 6000~5~6~0 the output should give $116.00~$960. If the input is 5000~5~6~0 the output should give $96.66~$800

Since the input is from a text file, my proffessor said I should start with the following

import java.io.BufferedReader; import java.io.IOException; import java.io.InputStreamReader; import java.nio.charset.StandardCharsets;

public class Main { /** * Iterate through each line of input. */ public static void main(String[] args) throws IOException { InputStreamReader reader = new InputStreamReader(System.in, StandardCharsets.UTF_8); BufferedReader in = new BufferedReader(reader); String line; while ((line = in.readLine()) != null) { System.out.println(line); } } }

r(PV) 1-(1r)- P = Payment PV = Present Value ate per period number of periods n