What is a format for a personal loan?

This problem concerns the production of a java program that will calculate repayments on a student loan for a ?

• Problem Specification: This problem concerns the production of a java program that will calculate repayments on a student loan for a single year. Repayments are based upon the ex-student’s income and 3% interest that will be added to the loan every year by HM Government (nice people). NOTE: You are required to also submit a flow chart and pseudo code to your tutor! Method 1. First prompt and read the 2 inputs (loan and wages), store them in "double" variables. 2. Now calculate the net income by subtracting 10,000 pounds from the wages (that is the free threshold amount which you can keep and will not be used for repaying the loan). 3. Add 3% interest to the loan amount. 4. Finally calculate the new balance of the loan by subtracting the 9% deductions (calculated in step 2. above) from the current loan balance. Here are three examples that show how the system works: Example 1 Example 2 Example 3 Earned income £13,000 £9,000 £12,000 keyboard input 1 Less threshold £10,000 £10,000 £10,000 Net income £3,000 Nil £2,000 output in response to input 1 Deductions 9% £270 Nil £180 Loan £4,000 £8,000 £2,000 keyboard input 2 Interest 3% £120 £240 £60 output in response to input 2 New balance £3,850 £8,240 £1,880 Typical Input / output Input: Enter total amount of student loan taken: 4000 Enter anticipated income: 13000 Corresponding Output: Loan taken out: 4000, anticipated income 13000 Total plus interest: 4120 Amount Re-paid: 270 New balance: 3850 any help Please --------------------------------------… import java.io.*; import java.text.DecimalFormat; import java.util.Scanner; public class MortgageCalculator2 { static int months = 360; static double rate = .0575; public static void main(String[] args) throws IOException { // declare variables double orignialLoan = 200000; double newLoan = 200000; String str = ""; double payment; double loanPayment = 0; double interestPayment = 0; int i; // print to display monitor System.out.println("\t McBride Mortgage Payment Calculator"); System.out.println(); System.out.println("\t $200,000.00 Loan"); System.out.println(); System.out.println("\t at 5.75% for 30 year term"); Scanner input = new Scanner(System.in); System.out.println(); DecimalFormat twoDigits = new DecimalFormat("$##,###.##");// Format how it will be displayed. // For Statement. for (i = 1; i <= months; i ++) { orignialLoan = newLoan; double interest = getInterest (rate); // Interest rate for the month. payment = getPayment (interest, orignialLoan); // Payment per month. newLoan = getNewLoan (interest, payment, orignialLoan); // Balance after payment. loanPayment = orignialLoan - newLoan; // Amount of monthly loan. interestPayment = payment - loanPayment;// Amount of monthly interest. // Print to display moniter. System.out.println("The monthly payment on " + twoDigits.format(orignialLoan) + " at 5.75% rate is " + twoDigits.format(payment)); System.out.println(); System.out.println("New Balance " + twoDigits.format(newLoan)); System.out.println("Loan Payment " + twoDigits.format(loanPayment)); System.out.println("Interest Payment " + twoDigits.format(interestPayment)); if (i % 3 == 0){ System.out.println("Continue? (Y or N)"); str = input.nextLine(); if(str.equals("N") || str.equals("n")) System.exit(0); } } } // End For } // end of main // Get Interest Method public static double getInterest(double rate) { double interest = rate / (12 * 100); return interest; } // End of Interest Method // Get Payment Method public static double getPayment (double interest, double orignialLoan) { double payment = (orignialLoan * getInterest(rate)) / (1 - Math.pow(1 + getInterest(rate), - months)); return payment; } // End of Payment Method // Get New Loan Amount public static double getNewLoan (double interest, double payment, double orignialLoan) { double newLoan = orignialLoan * (1 + interest) - payment; return newLoan; } // End New Loan Amount } // end program

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