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lab3 - 5.125 189.28 11357.13 5.25 189.85 11391.59 7.85...

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CS101   Lab3 Objectives Loop control and selection control statements Java Input and output Numerical computation Documentation and formating Lab description In this lab, you are going to develop a program that can compares loans with various interest rates. The  program will let use enter the loan amount and loan period in the number of years and displays the  monthly and total payments for each interest rate stating from 5% to 8%, with an increment of 1/8.  Suppose you enter the loan amount 10,000 for five years, display a table as follows.  Loan Amount: 10000 Number of Years: 5 Interest Rate Monthly Payment Total Payment 5% 188.71 11322.74
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Unformatted text preview: 5.125% 189.28 11357.13 5.25% 189.85 11391.59 ... 7.85% 202.16 12129.97 8.0% 202.76 12165.83 The formula to compute the monthly payment is as follows. You can also find the formula on page 46 of the textbook. (loanAmount*monthlyInterestRate)/( 1- 1/(1+monthlyInterestRate)^(numberOfYears*12) ) Your program should also check the inputs of the user so that only positive integer number shall be accepted. If the user enters a negative or non-integer loan amount, or loan period, you should remind the user and ask him/her to enter again. Submission ● your source code ● your report following instruction in the syllabus...
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