Chapter 5 Exercise 21, Introduction to Java Programming, Tenth Edition Y. Daniel LiangY.

**5.21 (Financial application: compare loans with various interest rates) Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8. Here is a sample run:

Loan Amount: 10000
Number of Years: 5
Interest Rate Monthly Payment Total Payment
5.000%           188.71                   11322.74
5.125%           189.29                   11357.13
5.250%           189.86                   11391.59
...
7.875%           202.17                   12129.97
8.000%           202.76                   12165.84

import java.util.Scanner;
 
public class ProgrammingEx5_21 {
 public static void main(String[] args) {
  // Create a Scanner
  Scanner input = new Scanner(System.in);
 
  // Enter loan amount
  System.out.print("Enter loan amount:");
  double loanAmount = input.nextDouble();
 
  // Enter number of years
  System.out.print("Enter number of years: ");
  int numberOfYears = input.nextInt();
 
  // Enter yearly interest rate start value
  double annualInterestRate = 5.0;
 
  // Printing table header
  System.out.printf("%-18s%-18s%-18s\n", "Interest Rate",
    "Monthly Payment", "Total Payment");
 
  while (annualInterestRate <= 8.0) {
   // Obtain monthly interest rate
   double monthlyInterestRate = annualInterestRate / 1200;
 
   // Calculate payment
   double monthlyPayment = loanAmount
     * monthlyInterestRate
     / (1 - 1 / Math.pow(1 + monthlyInterestRate,
       numberOfYears * 12));
   double totalPayment = monthlyPayment * numberOfYears * 12;
 
   // Display results
   System.out.printf("%-18.3f%-18.2f%-18.2f\n", annualInterestRate,
     monthlyPayment, totalPayment);
 
   annualInterestRate = annualInterestRate + 1.0 / 8;
 
  }
 }
}