Service Request Sr-Mf-003, Mortgage Calculator

package mortgagecalculator;

/**

*

* @author Michele Armstead

* Java Programming I

* PRG/420

* McBride Mortgage Calculator, Part 2

*/

import java.text.*;

public class MortgageCalculator {

/**

* @param args the command line arguments

*/

public static void main(String[] args) {

//Variables that are used within the program

double principal;

double interestRate;

double totalInterest;

double monthlyPayment;

//Calculates the decimal two places

double d = 1.234567;

DecimalFormat df = new DecimalFormat("#.##");

//Calculations for getting the monthly payment

principal = 200000.0;

interestRate = .0575;

totalInterest = (principal * interestRate) * 30;

monthlyPayment = (principal + totalInterest) / 360;

//Display the results on computer screen

System.out.println("The monthly payment on a 30 year, $200,000 loan with a 5.75% interest rate will be: ");

System.out.println("$" + df.format(monthlyPayment));

//Builds new variables for the next step

double remainingBalance = 0;

double interestPaid = 0;

int lineCount = 10;

remainingBalance = principal - monthlyPayment;

interestPaid = monthlyPayment * totalInterest;

//Begin loop statement plus declares the formula for the loan balance and interest paid