I am working on an assignment where I am to create a mortgage calculator that allows the user to input there mortgage amount, term and interest rate. The following is what I have so far. The errors I keep coming up with are the following:
The Decimal Format
the for (int
both monthlyPayment
while
and the System term and balance lines
When I run it I get the error:
Exception in thread "main" java.lang.RuntimeException: Uncompilable source code - cannot find symbol
symbol: class DecimalFormat
location: class newmortgage.Main

Any advice and help would be greatly appreciated.

/*
 * To change this template, choose Tools | Templates
 * and open the template in the editor.
 */

package mortgagecalculator;

/**
 *
 * @author Yuki
 */
public class Main {

    /**
     * @param args the command line arguments
     */
    public static void main(String[] args) {
        // Declares and builds the variable of the loan amount
        int loanAmount = 200000;
        double loanBlance = 0;
        double interestPaid = 0;
        int loanTerm [] = {84, 180, 360};
        double interest [] = {.035, .0550, .2575};
        double monthlyPayment = 0;
        DecimalFormat fmt = new DecimalFormat ("0.##");

        //Starts array loop
        for (int i = 0; i<interest.length; i++){
            //Declares formula
            monthlyPayment = (loanAmount*(interest [i]/12))/(1-1/Math.pow((1+interest [i]/12), loanTerm [i]));

            //Displays loop with first mortgage and interest paid
            if (i==1)
                monthlyPayment = (loanAmount*(interest [0]/12))/(1-1/Math.pow ((1+interest [0]/12), loanTerm [0]));
                loanBalance = loanAmount - monthlyPayment;
                interestPaid = monthlyPayment*interest [0];

            while (loanBalance > 0){

                //Displays Mortgage Calculator with the first terms
                System.out.println ("Mortgage Calculator");
                System.out.println ("The loan amount is $200000");
                System.out.println ("The term of the loan is " + loanTerm [0]);
                System.out.println ("The monthly payment is $" + fmt.format (monthlyPayment));
                System.out.println ("The loan balance is: $" + fmt.format (loanBalance));
                System.out.println ("The interest paid for the loan is $" + fmt.format (interestPaid));
                System.out.println ();

                loanBalance = loanAmount - monthlyPayment;
                interestPaid = monthlyPayment*interest [0];

                //Displays loop with the second terms
                if (i==2)
                monthlyPayment = (loanAmount*(interest [0]/12))/(1-1/Math.pow ((1+interest [0]/12), loanTerm [0]));
                loanBalance = loanAmount - monthlyPayment;
                interestPaid = monthlyPayment*interest [0];

                //Displays Mortgage Calculator with the second terms
                System.out.println ("Mortgage Calculator");
                System.out.println ("The loan amount is $200000");
                System.out.println ("The term of the loan is " + loanTerm [0]);
                System.out.println ("The monthly payment is $" + fmt.format (monthlyPayment));
                System.out.println ("The loan balance is: $" + fmt.format (loanBalance));
                System.out.println ("The interest paid for the loan is $" + fmt.format (interestPaid));
                System.out.println ();

                //Displays loop with the third terms
                if (i==3)
                monthlyPayment = (loanAmount*(interest [0]/12))/(1-1/Math.pow ((1+interest [0]/12), loanTerm [0]));
                loanBalance = loanAmount - monthlyPayment;
                interestPaid = monthlyPayment*interest [0];

                //Displays Mortgage Calculator with the third terms
                System.out.println ("Mortgage Calculator");
                System.out.println ("The loan amount is $200000");
                System.out.println ("The term of the loan is " + loanTerm [0]);
                System.out.println ("The monthly payment is $" + fmt.format (monthlyPayment));
                System.out.println ("The loan balance is: $" + fmt.format (loanBalance));
                System.out.println ("The interest paid for the loan is $" + fmt.format (interestPaid));
                System.out.println ();

                }
            }
        }
    }

Edited 6 Years Ago by peter_budo: Please do not use CODE SNIPPED for posting question. Use FORUM THREAD.

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