Comment

Shaggy

September 24, 2008 at 5:50 PM

The monthly payments for a given loan are divided into amounts that apply to the principal and to the interest. For example, if you take a monthly payment of RM500, only a portion of the RM500 goes to the principal, and the remainder is the interest payment. The monthly interest is computed by multiplying the monthly interest rate by the unpaid balance. The monthly payment minus the monthly interest is the amount applied to the principal. The following table is the sample loan payment schedule for a one-year loan of RM5000 with a 12 percent annual interest rate:

Payment Unpaid Total Interest

No. Interest Principal Balance to Date

1 50.00 394.24 4605.76 50.00

2 46.06 398.19 4207.57 96.06

3 42.08 402.17 3805.40 138.13

4 38.05 406.19 3399.21 176.19

5 33.99 410.25 2988.96 210.18

6 29.89 414.35 2574.61 240.07

7 25.75 418.50 2156.11 265.82

8 21.56 422.68 1733.42 287.38

9 17.33 426.91 1306.51 304.71

10 13.07 431.18 875.34 317.78

11 8.75 435.49 439.85 326.53

12 4.40 435.45 0.00 330.93

Write an application (using structured Java program) that accepts a loan amount, annual interest rate and loan period (in number of years) and displays a table with five columns:

Payment number, the interest and principal paid for that month, the remaining balance after the payment, and the total interest paid to date.

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Payment Unpaid Total Interest

No. Interest Principal Balance to Date

1 50.00 394.24 4605.76 50.00

2 46.06 398.19 4207.57 96.06

3 42.08 402.17 3805.40 138.13

4 38.05 406.19 3399.21 176.19

5 33.99 410.25 2988.96 210.18

6 29.89 414.35 2574.61 240.07

7 25.75 418.50 2156.11 265.82

8 21.56 422.68 1733.42 287.38

9 17.33 426.91 1306.51 304.71

10 13.07 431.18 875.34 317.78

11 8.75 435.49 439.85 326.53

12 4.40 435.45 0.00 330.93

Write an application (using structured Java program) that accepts a loan amount, annual interest rate and loan period (in number of years) and displays a table with five columns:

Payment number, the interest and principal paid for that month, the remaining balance after the payment, and the total interest paid to date.

View All Comments | View Tutorial

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