Hello Java Programming experts. I need assistance with the following excercise: You have been hired as a Java programmer by Real Estates Solutions Inc. Your task is to write a Java applet for their web site that would enable customers to figure out their monthly mortgage payments.
The applet input will be the loan amount, annual percentage rate or APR, and the number of years to pay out the loan. The output will be:the monthly payment amount, the number of payments, the total paid including interest, and total interest paid.
The calculations were provided to you by a real estate agent:
p,loan amount or principal
n,number of payments = payments per year * number of years
i,interest per period = apr/payments per year = apr/12
r,monthly payment amount = principal * interest per period / (1-(1+(interest perperiod)/100)^(number of payments-1)^2)
Hint: In Java syntax the monthly payment calculation is:
r=((p*(i/100))/(1-(Math.pow((1+(i/100)),(n*(-1))))));
Details:
Please note that your program should accept three inputs:
The loan amount,
Annual percentage rate or APR, and
The number of years to pay out the loan
And calculate four outputs:
The monthly payment amount,
Number of payments,
The total paid including interest, and
Total interest paid
When coding your applet, remember the following:
Your applet needs to extend the Applet (or JApplet) class. Of course, you need to import the appropriate applet package(s).
Your applet needs to have declarations for the fields, labels, components, widgets,etc. that you use in the applet.
There are applet methods that are called automatically by browsers (please see your textbook). Make sure you initialize (implement init()) your applet.
You need the code that does the calculation of the interest.
