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Compute and display the monthly payment

Assignment Help JAVA Programming
Reference no: EM13768974

The programming problem can be solved by a program that performs three basic tasks-Input Data, Process Data, and Output Results.

Use RAPTOR to design a suitable program to solve this problem.

Problem Statement

James wants to buy a motorcycle. Help James compute the monthly payment on a loan, given the loan amount, the annual percentage rate of interest, and the number of monthly payments. The program should allow James to input the loan amount, interest rate, and how many payments he wants to make. It should then compute and display the monthly payment.

You will need the following variables:

Payment

LoanAmt

InterestRate

MonthlyRate

NumberMonths

You will need the following formulas:

MonthlyRate = InterestRate/1200

Note: When the user enters InterestRate as a percentage, it must be divided by 100 to make it a decimal (i.e., 18% = 18/100 = 0.18). The InterestRate offered by motorcycle dealers is an annual rate, so this must be divided by 12 to get the MonthlyRate. The MonthlyRate formula given above combines the two steps (i.e., annual rate of 18% = 18/100 = 0.18 and the monthly rate is 0.18/12 = 0.015 or 18/(100*12) = 18/1200. 

Payment = LoanAmt * MonthlyRate * 
(1 + MonthlyRate)^NumberMonths ÷ 
((1 + MonthlyRate)^NumberMonths - 1) 

Note: The Payment formula given above must be entered carefully and exactly as shown.

Documentation: Use the "Comments" feature to document each symbol in the flowchart. You do this by right-clicking the symbol and selecting "Comment." Be sure to identify the data type of each variable used. Be sure to explain what each formula does. Be sure to explain what each of the other symbols in the flowchart does in a comment.

Test and debug your Program: Create sample input data, run the program, then check your answers with a calculator or Excel. If something did not match up, then fix your program.

Program must execute and produce correct output.

Read this page again to be sure you covered all requirements.

Reference no: EM13768974

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