Member Avatar for simplyflawless

hey guys, i have to do this program and i'm having trouble:

Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8.

Example: If you enter the loan amount 10,000 for 5 years; display a table as follows:

Loan Amount: 10000
Number of Years: 5

Interest Rate                     Monthly Payment               Total Payment
5%                                       188.71                                 11322.74
5.125%                                189.28                                 11357.13
5.25%                                  189.85                                 11391.59
...

7.85%                                  202.16                                  12129.97
8.0%                                    202.76                                  12165.83
_____________________________________________________

this is all i have, can someone please help me, because i'm really getting myself confused. if anyone could help me at all, it will be greatly appreciated

class Loans
{
    public static void main(String[] args);
    {
int rate;
double monthlyPayment;
double loanAmount;
double total;
double numberOfYears;

these are the headings i came up with but i dont know how to do them:
// convert rate to monthlyrate
// calculate monthly payment
// display monthly payment - printf

// calculate yearly payment
// display - printf % 5.2f
Edited by Reverend Jim because: Fixed formatting
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Member Avatar for javaAddict

Have you been given a formula for the above calculations because they are not java related and not all people know them, But they can write the code once they are provided.

Member Avatar for simplyflawless

i dont have formulas for the stuff above.

i dont need to use those exact things, i could use something else.

do you think you could help me, please.. i would really appreciate it

Member Avatar for simplyflawless

also:

rate

for(rate = 5.0; rate <=8.0; rate=rate + 0.125)

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