3 mortgage loan calculator

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  • phjones
    New Member
    • Dec 2006
    • 4

    3 mortgage loan calculator

    please help resolve some error messages code is compling with errors
    see below the code. I am new at this please help!

    /**
    * @(#)3 Mortgage loans.java
    *
    * 3 Mortgage loans application
    *
    * Phyllis J Jones
    * Purpose to write a program in Java without a graphical user interface and have
    it calculate the payment amount for 3 mortgage loans.
    */
    import java.math.*;//*loan calculator
    import java.text.*;//*formats numbers
    public class MortgageLoans {



    // declare class variable array
    double mortgage calculator1[];
    double mortgage calculator2[];
    double mortgage calculator3[];
    //construct the array
    mortgage calculator1 = new double[6];
    mortgage calculator2 = new double[6];
    mortgage calculator3 = new double[6];


    double loan = 200000
    double term1 =360//*360 month for 30 year mortgage
    double interRate1 = 0.0575; //*5.75% 5.75/100interest rate 30year mortgage
    double monthlyRate1 = (interestRate1/12)
    double term2 = 84//*7year mortgage loan
    double interestRate2 = 0.0535;//*5.35 5.35/100 interest rate 7 year mortgage
    double monthlyRate2 = (interestRate2/12);//*rate calculation on 7 year mortgage loan
    double term3 = 180 // 15 year mortgage
    double interestRate3 = 0.0550;//*5.5 5.5/100 interest rate on 15 year mortgage
    double monthlyRate3 = (interestRate3/12);//* monthlyRate for 15 year mortgage

    //Discount factr calculator for the three loans
    double discountFactor1 = (Math.pow ((1 + monthlyRate1),
    term1)-1/(monthlyRate1 * Math.pow((1 + monthlyRate1),t erm1));

    double discountFactor2 = (Math.pow((1 + monthlyRate2),t erm2)-1/
    (monthlyRate2* Math.pow((1 + monthlyRate2),t erm2));

    double discountFactor3 = (Math.pow((1 + monthlyRate3), term3) - 1)/
    (monthlyRate3 * Math.pow((1 + monthlyRate3), term3));

    double payment1 = loan/discountFactor1 ; //*Rate Calcualtion for 30 yearn mortgage
    double payment2 = loan/discountFactor2 ; //*Rate Calculaion for 7 year morgage
    double payment3 = loan/discountFactor3 ; //*Rate Clculation for 15 year mortgage



    //loop While not done
    while(loan > 0)
    {

    java.text.Decim alFormat dfm = new java.text.Decim alFormat(",###. 00");
    System.out.prin tln("Your monthly payment is $" + dfm.format(paym ent)+ "cemts");
    // loop while done
    if(loan>0)
    {
    double payment1 = loan/discountFactor1 ;//*Rate Calculation
    double payment2 = loan/discountFactor2 ;//*Rate Calculation
    double payment3 = loan/duiscountFactor 3;//*Rate Calculation
    }
    else
    payment1 = payment/discountFactor1 ;//Rate Calculation
    payment2 = payment/discountFactor2 ;//Rate Calcuklation
    payment3 = payment/discountfactor3 ;//Rate Calculation
    }
    //Output

    }

    }
  • horace1
    Recognized Expert Top Contributor
    • Nov 2006
    • 1510

    #2
    fixed a few errors - what is now missing is the variable payment
    Code:
    /**
    * @(#)3 Mortgage loans.java
    *
    * 3 Mortgage loans application
    *
    * Phyllis J Jones
    * Purpose to write a program in Java without a graphical user interface and have
    it calculate the payment amount for 3 mortgage loans.
    */
    import java.math.*;//*loan calculator
    import java.text.*;//*formats numbers
    public class MortgageLoans {
    
    public static void main(String args[])  // ** added
    {
    
    
    // declare class variable array
    double mortgageCalculator1[] = new double[6];  // ** new added ;
    double mortgageCalculator2[] = new double[6];
    double mortgageCalculator3[] = new double[6];
    //construct the array
    //mortgageCalculator1 = new double[6];
    //mortgageCalculator2 = new double[6];
    //mortgageCalculator3 = new double[6];
    
    
    double loan = 200000;  // ** add ;
    double term1 =360;//*360 month for 30 year mortgage
    double interestRate1 = 0.0575; //*5.75% 5.75/100interest rate 30year mortgage
    double monthlyRate1 = (interestRate1/12); // ** ; added
    double term2 = 84;//*7year mortgage loan
    double interestRate2 = 0.0535;//*5.35 5.35/100 interest rate 7 year mortgage
    double monthlyRate2 = (interestRate2/12);//*rate calculation on 7 year mortgage loan
    double term3 = 180; // 15 year mortgage
    double interestRate3 = 0.0550;//*5.5 5.5/100 interest rate on 15 year mortgage
    double monthlyRate3 = (interestRate3/12);//* monthlyRate for 15 year mortgage
    
    //Discount factr calculator for the three loans
    double discountFactor1 = (Math.pow ((1 + monthlyRate1),term1)-1/(monthlyRate1 * Math.pow((1 + monthlyRate1),term1))); // ** added )
    
    double discountFactor2 = (Math.pow((1 + monthlyRate2),term2)-1/(monthlyRate2* Math.pow((1 + monthlyRate2),term2))); // ** added )
    
    double discountFactor3 = (Math.pow((1 + monthlyRate3), term3) - 1)/(monthlyRate3 * Math.pow((1 + monthlyRate3), term3));
    
    double payment1 = loan/discountFactor1; //*Rate Calcualtion for 30 yearn mortgage
    double payment2 = loan/discountFactor2; //*Rate Calculaion for 7 year morgage
    double payment3 = loan/discountFactor3; //*Rate Clculation for 15 year mortgage
    
    
    //loop While not done
    while(loan > 0)
    {
    
    java.text.DecimalFormat dfm = new java.text.DecimalFormat(",###.00");
    System.out.println("Your monthly payment is $" + dfm.format(payment)+ "cemts");
    // loop while done
    if(loan>0)
    {
    payment1 = loan/discountFactor1;//*Rate Calculation
    payment2 = loan/discountFactor2;//*Rate Calculation
    payment3 = loan/discountFactor3;//*Rate Calculation
    }
    else
    payment1 = payment/discountFactor1;//Rate Calculation
    payment2 = payment/discountFactor2;//Rate Calcuklation
    payment3 = payment/discountFactor3;//Rate Calculation
    }
    //Output
    
    }
    
    }

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