"java"

You are going to write a program which will display the payment schedule for a loan given an interest rate and the number of payments.

Prompt the user for a loan amount, the annual interest rate, number of years to pay off the loan. First, you will calculate the monthly payment using a formula below. Then you will write a loop displaying the monthly payment breakdown: interest amount, principal applied to the loan, and the balance of the loan.

For a 1 year loan (12 monthly payments) for $10,000 at 7%, the payment breakdown looks like the following:

monthly payment = 865.27 payment:1 interest: 58.33 principal: 806.93 balance: 9193.07

The formula:

balance = balance * (1 + interestRate / 12) - monthlyPayment

/*

I do not want the solution to start this way

import java.text.NumberFormat; import java.util.Scanner;

public class MothlyPay {

public static double calculateMonthlyPayment( int loanAmount, int termInYears, double interestRate) {

interestRate /= 100.0;

double monthlyRate = interestRate / 12.0;

int termInMonths = termInYears * 12;

double monthlyPayment = (loanAmount*monthlyRate) / (1-Math.pow(1+monthlyRate, -termInMonths));

return monthlyPayment; }

*/