Mortgage Loan

I have been correcting the arrays, and still need help with how I am putting this together. I have called out the interest rates, years, and need to printout all three mortgage payments for only one month. Any suggestions?

import java.text.DecimalFormat;

//
public class MortgagePayment
{
public void calc(double interest, double principle, int monthlypayments)
{

//Declare and construct the variables
DecimalFormat decimalPlaces = new DecimalFormat(".00");
double monthlypayments, principle, interest, interestAmount, payment;

int amount, i, paymentsPerPage, lengthOfPause;

// Variable Declaration
int principal[] = {200000, 200000, 200000};// Principal for each calculation
double interestRate[] = {5.35, 5.50, 5.75};// Interest Rate for each interest rate
int totalYears[] = {7, 15, 30};// Length in years for each loan
double monthlyInterest[] = {0, 0, 0};// Monthly Interest
int totalMonths[] = {0, 0, 0};// Number of Months
double monthlyPayment[] = {0, 0, 0};// Monthly Payment

// Calculations Loop
for (int i = 0; i < 3; i++){
monthlyInterest[i] = interestRate[i] / (12 * 100);
totalMonths[i] = totalYears[i] * 12;
monthlyPayment[i] = principal[i] * (monthlyInterest[i] /
(1 – (Math.pow((1 + monthlyInterest[i]),(-totalMonths[i])))));
}

//Output to screen
System.out.println("Principle = $"+decimalPlaces.format(principle)); //The loan amount
System.out.println("Interest Rate ="+interest*100 +"%"); //The interest rate
System.out.print("Payment per Month = $"); //The monthly payment amount
System.out.println(decimalPlaces.format(payment));
System.out.println("********************");
System.out.println("********************");

for(i = 1; i <= 1; i++)
{
System.out.println("Payment " + i + ":");
System.out.println("———-");

System.out.println("Payment Amount: $ " + decimalPlaces.format(payment));
interestAmount = ((interest / 12) * principle);
System.out.println("Interest Amount: $ " + decimalPlaces.format(interestAmount));

// You also have to calculate interest and add that back in.
principle = (principle – payment) + interestAmount;
System.out.println("Loan Balance: $ " + decimalPlaces.format(principle));
System.out.println("———-");
System.out.println("");
if(((i – 1) % paymentsPerPage) == 0)
{
try{Thread.sleep(lengthOfPause * 1000);} //This is a pause function.
catch(InterruptedException ie){}
}
}
}
}

first of, your variable declaration

if you want to declare an array to type say int with name say myintegerarray it has to take the form
int[] myintegerarray = {….}

notice you have to tell java what type of variable array myintegerarray is first, when you use myintegerarray[] java tries to create an array of type myintegerarray which unless defined in a separate class will produce a compilation error.

My suggestion, fix your variable declarations first, re – run and if there is anything else, let us know and I will be more than happy to help,

Regards,

David

ps – what IDE are you using (I recommend Eclipse for CMD development – Netbeans for GUI development)