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How do i fix errors in my Mortgage Calculator in my Java Class

Posted on 2009-04-28
Medium Priority
Last Modified: 2012-05-07
Write the program in Java (without a graphical user interface) and have it calculate the payment amount for 3 mortgage loans:

- 7 year at 5.35%
- 15 year at 5.5%
- 30 year at 5.75%

Use an array for the different loans. Display the mortgage payment amount for each loan and then list the loan balance and interest paid for each payment over the term of the loan. Use loops to prevent lists from scrolling off the screen.

import java.text.DecimalFormat;        // class needed to format decimals
public class Mort_Cal            // program name: Mortgage Calculator
    public static void main(String[] arguments)        // start main() function
    // define variables
    double monthlyPayment;    // monthly payment
    double principal;        // loan principal
    double interestRateYears;    // annual interest rate (percentage)
    double interestRateMonths;     // monthly interst rate
    int []termYears={7,15,30};        // length of loan in years
    int termMonths;        // length of loan in months
    int linecount;        // number of lines to be displayed
    double []balance={0.,0.,0.};        // displays current balance
    double []interestPaid={5.35,5.5,5.75};        // displays the interest paid
    double principalPaid=200000;        // displays the principal paid
    double []monthlyInterestPayment;    // holds current interest payment
    double monthlyPrincipalPayment;    // holds current principal payment
    // formats numbers to display only two decimal places
    java.text.DecimalFormat dec = new java.text.DecimalFormat(",###.00");
    //for loop//
	   for (int i = 0; i < interestPaid; i++)
	//time  and interest rate//
	          System.out.print("\n\t over " + termYears[i] + " years");
	     System.out.print(" with an interest rate of " + interestPaid[i]);
    // hard coded information to display basic loan information
    System.out.println("\n\n\t*** Mortgage Calculator ***\n\n" +
           "\nLoan Amount: \t$" + dec.format(principal) +
        "\nInterest Rate: \t" + interestRateYears +"%" +
        "\nTerm (Years): \t" + termYears);
    // calculate monthly mortgage payment
    monthlyPayment = (principal * interestRateMonths) /
            (1 - Math.pow(1 + interestRateMonths, - termMonths));
    // displays monthly mortgage payment resulting from above calculation
        System.out.println("\n\nBased on the above criteria, "  +
               "your monthly payment will be: " +
                  "$" + dec.format(monthlyPayment));
    // formula(s) to calculate monthly interest and principal payments
        monthlyInterestPayment = (balance * interestRateMonths);
        monthlyPrincipalPayment = (monthlyPayment - monthlyInterestPayment);
    // format column headers for results to be displayed
    // start while loop
    while (termMonths > 0)
    // information to display
    System.out.println(termMonths + "\t\t$" +      dec.format(monthlyPrincipalPayment) +
        "\t\t$" + dec.format(monthlyInterestPayment) +
        "\t\t$" + dec.format(balance));
    // decrement months
    // calculate interest and principal payments
    monthlyInterestPayment = (balance * interestRateMonths);
    monthlyPrincipalPayment = (monthlyPayment - monthlyInterestPayment);
    balance = (balance - monthlyPrincipalPayment);
for(int monthNumber=1;monthNumber<termYears[i]*12;monthNumber++)
balance[i] = (principal-month);
principalPaid= balance[i];
interestPaid[i]=principal * (interest[i]/(12*100));
System.out.println((monthNumber)+ "\t\t\t" + decimalplace.format(balance[i]) + "\t\t\t" + decimalplace.format(interestpaid[i]));
monthNumber ++;
    if(linecount == 20)
    linecount = 0;
    Thread.sleep(3000);        // pause to last three seconds
    catch (InterruptedException e)
    }    // end if
    }    // end else
               }           // end while

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Question by:imagekrazy
  • 2
LVL 12

Accepted Solution

Gibu George earned 1000 total points
ID: 24250194
Whats is the issue you are facing?

Author Comment

ID: 24250616
I am getting a  one error message at the end of the file.
LVL 12

Expert Comment

by:Gibu George
ID: 24482507
Whats the error message?

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