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Unformatted text preview: In Java, use the power function for this formula (although your variable names must be more meaningful): M = P * J / (1 – (Math.pow( 1 + J , N ))) • The total cost of the loan is simply the monthly payment * length of the loan in months Output (sample program run with output follows on next page): • Display interest rate to three decimal places • Display monetary amounts to two decimal places, and separate thousands with a comma • You may set up columns with printf or use tab (“\t” between columns NOTE: If some of your amounts differ from those shone below by 1 penny, that is ok. The difference lies in when the rounding to decimal places occurred, and may vary slightly. run: Enter loan amount: 10000 Enter number of years: 5 Interest Rate Monthly Payment Total Payment 5.000 188.71 11,322.74 5.125 189.28 11,357.13 5.250 189.85 11,391.59 5.375 190.43 11,426.11 5.500 191.01 11,460.69 7.875 202.16 12,129.97 8.000 202.76 12,165.83...
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 Spring '08
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 Computer Programming, Interest, monthly payment

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