Question: Write a program to calculate the final amount for a monthly compounded interest for a given number of years, given principal amount, and given interest

Write a program to calculate the final amount for a monthly compounded interest for a given number of years, given principal amount, and given interest rate. Use the JOptionPane class to ask the user for the number of years, principal amount, and interest rate as a percentage. Output the final amount to the user using JOptionPane once it is calculated. Use the following formula to calculate the final amount: Final Amount=P(1+r/n)^nt where P is the principal, r is the interest rate as a decimal value, n is the number of compoundings per year (months per year) and t is the number of years.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Databases Questions!