Calculator

Looking for mortgage program to display 3 mortgage loans: 7 year at 5.35%, 15 year at 5.5 %, and 30 year at 5.75%.  Use an array for the different loans Display the mortgage payment amount for each loan.  Non-graphical user interface.  Insert comments in the program to document the program.
Build on this if possible using an array:


import java.math.*;
import java.text.*;


//class BuyaHomeCalculator

class BuyaHomeCalculator {
     public static void main(String arguments[]) {


//Program Variables
    double term = 360;            
    double interestRate = 0.0575;
    double loan = 200000;        
    double monthlyRate = (interestRate/12);


//Discount factor calculator
    double discountFactor = (Math.pow((1 + monthlyRate), term) -1) / (monthlyRate * Math.pow((1 + monthlyRate), term));
    double payment = loan / discountFactor;

DecimalFormat df = new DecimalFormat("$###,###.00");
          

//Output
    System.out.println("The Loan amount is: $200,000");
    System.out.println("The intrest rate is: 5.75%");
    System.out.println("The term of the loan is: 30 years.");
    System.out.println("Monthly Payment Amount: " + df.format(payment) );


}
}

Attached file(s):

BuyaHomeCalculator.java  View File