hey guys, i have to do this program and i'm having trouble:

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.

Example: If you enter the loan amount 10,000 for 5 years; display a table as follows:

Loan Amount: 10000
Number of Years: 5

``````Interest Rate                     Monthly Payment               Total Payment
5%                                       188.71                                 11322.74
5.125%                                189.28                                 11357.13
5.25%                                  189.85                                 11391.59
...

7.85%                                  202.16                                  12129.97
8.0%                                    202.76                                  12165.83
_____________________________________________________
``````

this is all i have, can someone please help me, because i'm really getting myself confused. if anyone could help me at all, it will be greatly appreciated

``````class Loans
{
public static void main(String[] args);
{
int rate;
double monthlyPayment;
double loanAmount;
double total;
double numberOfYears;

these are the headings i came up with but i dont know how to do them:
// convert rate to monthlyrate
// calculate monthly payment
// display monthly payment - printf

// calculate yearly payment
// display - printf % 5.2f
``````

Edited by Reverend Jim: Fixed formatting

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Last Post by simplyflawless

Have you been given a formula for the above calculations because they are not java related and not all people know them, But they can write the code once they are provided.

i dont have formulas for the stuff above.

i dont need to use those exact things, i could use something else.

do you think you could help me, please.. i would really appreciate it

also:

rate

for(rate = 5.0; rate <=8.0; rate=rate + 0.125)

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