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Mortgage Calculator with User Input and Mathematical Expression - Example0005

Mortgage Calculator with User Input and Mathematical Expression - Example0005

In this code sample, we will see how mortgage(EMI) calculator can be made
Mortgage formula M=P * (r(1+r)**n)/((1+r)**n-1) will be used.
Scanner Class will be used to get user input.
We need to get the rightly formatted output (with dollar sign as currency). For this purpose we will use Class NumberFormat:NumberFormat.getCurrencyInstance.
We use NumberFormat.getCurrencyInstance method.

 Keyword: java, mortgage calculator, user input, scanner, currency format, dollar sign, numberformat, getcurrencyinstance

package com.swprogramdeveloper;


import java.text.NumberFormat;
import java.util.Scanner;

public class Main {

    public static void main(String[] args) {
// write your code here

         //Mortgage Calculator

        Scanner userInput = new Scanner(System.in);

        System.out.print("Please Input the Principal Amount : ");
        float principal = userInput.nextFloat();

        System.out.print("Please Input the Annual Interest Rate : ");
        float monthlyInterest = userInput.nextFloat() /12/100;

        System.out.print("Please Input Period of Mortgage in years : ");
        float mortgageMonths = userInput.nextFloat() * 12;

        System.out.println("Principal : " + principal + "Monthly Interest : " + monthlyInterest + " Mortgage Months : " + mortgageMonths);

        //Mortage Formula
        // M=P * (r(1+r)**n)/((1+r)**n-1)
        //principal * (monthlyInterest(1+monthlyInterest)**mortageMonths)/(((1+monthlyInterest)**mortageMonths-1)
        float multiplier= (float) Math.pow((1+monthlyInterest),mortgageMonths);
        float mortgage;
        mortgage = (principal*monthlyInterest*multiplier)/(multiplier-1);

        System.out.println("multiplier : " + multiplier);
        System.out.println("mortgage EMI : " + mortgage);
       
        // To get currency format, we use NumberFormat Class
        NumberFormat mortgageCurrency = NumberFormat.getCurrencyInstance();
        String finalMortgage=mortgageCurrency.format(mortgage);
        System.out.println("mortgage EMI(with currency style) : " + finalMortgage);

    }
}



Output0005
==========

Please Input the Principal Amount : 100000
Please Input the Annual Interest Rate : 3.92
Please Input Period of Mortgage in years : 30
Principal : 100000.0Monthly Interest : 0.0032666668 Mortgage Months : 360.0
multiplier : 3.2352057
mortgage EMI : 472.8128
mortgage EMI(with currency style) : $472.81

Process finished with exit code 0

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