PSET_3 - DESCRIPTION for JAVA PROGRAMMING SET 3 ======================================================================= The monthly payment on a loan may be calculated by the following formula: Rate * (1 + Rate)^N Payment = ----------------------- * L [note 1] ( ( (1 + Rate)^N ) - 1) Rate is the monthly interest rate--expressed as a decimal value, which is the annual interest rate divided by 12. (12% annual interest would be 1 percent monthly interest.) [note 2] N is the number of payments, and ... L is the amount of the loan. ----------------------------------------------------------------------- Note 1: '^' means exponentiation; a^b means a to the power of b Hint: Use the pow() function in the Math Library. Note 2: To convert from percent to decimal ... Divide the percent value by 100. ----------------------------------------------------------------------- ======================================================================= PROGRAM REQUIREMENTS for PSET_3 ======================================================================= [1] Create a static Method which computes the Monthly Payment for a Loan and Returns the value to the Calling Method. Suggested Signature: double static MonthlyPayment(double LoanAmount, double APR, int months) * APR is Annual Percentage Rate for a Loan. [2] Create a static Method which computes the Amount Paid Back for a Loan and Returns the value to the Calling Method. [3] Create a static Method which computes the Interest Paid for a Loan and Returns the value to the Calling Method. [4] Write the code in the main() method to call your static methods which you created in Steps 1-3 above to Compute: (a) Monthly Payment (b) Amount Paid Back (c) Interest Paid that considers the financing options for a F150 Truck at $45,000 Option_1: 60 months @ 4.25% APR* Option_2: 48 months @ 4.33% APR Option_3: 36 months @ 4.99% APR * Current Auto Loan Rates at Bankrate.com [5] Write a static method to determine the Minimum Interest Paid between three Loan Financing Options. Suggested Signature: void static MinimumInterestPaid(double opt1, double opt2, double opt3) Exanple Suggested Output Display: "Option 2 offers the Minimum Interest Paid of $3500." [6] Write a static method to determine the Lowest Payment between three Loan Financing Options. Suggested Signature: void static LowestPayment(double opt1, double opt2, double opt3) Exanple Suggested Output Display: "Option 2 offers the Lowest Monthly Payment of $900.
PSET_3 - DESCRIPTION for JAVA PROGRAMMING SET 3 ======================================================================= The monthly payment on a loan may be calculated by the following formula: Rate * (1 + Rate)^N Payment = ----------------------- * L [note 1] ( ( (1 + Rate)^N ) - 1) Rate is the monthly interest rate--expressed as a decimal value, which is the annual interest rate divided by 12. (12% annual interest would be 1 percent monthly interest.) [note 2] N is the number of payments, and ... L is the amount of the loan. ----------------------------------------------------------------------- Note 1: '^' means exponentiation; a^b means a to the power of b Hint: Use the pow() function in the Math Library. Note 2: To convert from percent to decimal ... Divide the percent value by 100. ----------------------------------------------------------------------- ======================================================================= PROGRAM REQUIREMENTS for PSET_3 ======================================================================= [1] Create a static Method which computes the Monthly Payment for a Loan and Returns the value to the Calling Method. Suggested Signature: double static MonthlyPayment(double LoanAmount, double APR, int months) * APR is Annual Percentage Rate for a Loan. [2] Create a static Method which computes the Amount Paid Back for a Loan and Returns the value to the Calling Method. [3] Create a static Method which computes the Interest Paid for a Loan and Returns the value to the Calling Method. [4] Write the code in the main() method to call your static methods which you created in Steps 1-3 above to Compute: (a) Monthly Payment (b) Amount Paid Back (c) Interest Paid that considers the financing options for a F150 Truck at $45,000 Option_1: 60 months @ 4.25% APR* Option_2: 48 months @ 4.33% APR Option_3: 36 months @ 4.99% APR * Current Auto Loan Rates at Bankrate.com [5] Write a static method to determine the Minimum Interest Paid between three Loan Financing Options. Suggested Signature: void static MinimumInterestPaid(double opt1, double opt2, double opt3) Exanple Suggested Output Display: "Option 2 offers the Minimum Interest Paid of $3500." [6] Write a static method to determine the Lowest Payment between three Loan Financing Options. Suggested Signature: void static LowestPayment(double opt1, double opt2, double opt3) Exanple Suggested Output Display: "Option 2 offers the Lowest Monthly Payment of $900.
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=======================================================================
PSET_3 - DESCRIPTION for JAVA PROGRAMMING SET 3
=======================================================================
The monthly payment on a loan may be calculated by the following formula:
Rate * (1 + Rate)^N
Payment = ----------------------- * L [note 1]
( ( (1 + Rate)^N ) - 1)
Rate is the monthly interest rate--expressed as a decimal value,
which is the annual interest rate divided by 12.
(12% annual interest would be 1 percent monthly interest.) [note 2]
N is the number of payments, and ...
L is the amount of the loan.
-----------------------------------------------------------------------
Note 1: '^' means exponentiation; a^b means a to the power of b
Hint: Use the pow() function in the Math Library.
Note 2: To convert from percent to decimal ...
Divide the percent value by 100.
-----------------------------------------------------------------------
=======================================================================
PROGRAM REQUIREMENTS for PSET_3
=======================================================================
[1] Create a static Method which computes the Monthly Payment for a
Loan and Returns the value to the Calling Method.
Suggested Signature:
double static MonthlyPayment(double LoanAmount, double APR, int months)
* APR is Annual Percentage Rate for a Loan.
[2] Create a static Method which computes the Amount Paid Back for a
Loan and Returns the value to the Calling Method.
[3] Create a static Method which computes the Interest Paid for a
Loan and Returns the value to the Calling Method.
[4] Write the code in the main() method to call your static methods
which you created in Steps 1-3 above to Compute:
(a) Monthly Payment
(b) Amount Paid Back
(c) Interest Paid
that considers the financing options for a F150 Truck at $45,000
Option_1: 60 months @ 4.25% APR*
Option_2: 48 months @ 4.33% APR
PSET_3 - DESCRIPTION for JAVA PROGRAMMING SET 3
=======================================================================
The monthly payment on a loan may be calculated by the following formula:
Rate * (1 + Rate)^N
Payment = ----------------------- * L [note 1]
( ( (1 + Rate)^N ) - 1)
Rate is the monthly interest rate--expressed as a decimal value,
which is the annual interest rate divided by 12.
(12% annual interest would be 1 percent monthly interest.) [note 2]
N is the number of payments, and ...
L is the amount of the loan.
-----------------------------------------------------------------------
Note 1: '^' means exponentiation; a^b means a to the power of b
Hint: Use the pow() function in the Math Library.
Note 2: To convert from percent to decimal ...
Divide the percent value by 100.
-----------------------------------------------------------------------
=======================================================================
PROGRAM REQUIREMENTS for PSET_3
=======================================================================
[1] Create a static Method which computes the Monthly Payment for a
Loan and Returns the value to the Calling Method.
Suggested Signature:
double static MonthlyPayment(double LoanAmount, double APR, int months)
* APR is Annual Percentage Rate for a Loan.
[2] Create a static Method which computes the Amount Paid Back for a
Loan and Returns the value to the Calling Method.
[3] Create a static Method which computes the Interest Paid for a
Loan and Returns the value to the Calling Method.
[4] Write the code in the main() method to call your static methods
which you created in Steps 1-3 above to Compute:
(a) Monthly Payment
(b) Amount Paid Back
(c) Interest Paid
that considers the financing options for a F150 Truck at $45,000
Option_1: 60 months @ 4.25% APR*
Option_2: 48 months @ 4.33% APR
Option_3: 36 months @ 4.99% APR
* Current Auto Loan Rates at Bankrate.com
[5] Write a static method to determine the Minimum Interest Paid
between three Loan Financing Options.
Suggested Signature:
void static MinimumInterestPaid(double opt1, double opt2, double opt3)
Exanple Suggested Output Display:
"Option 2 offers the Minimum Interest Paid of $3500."
[6] Write a static method to determine the Lowest Payment
between three Loan Financing Options.
Suggested Signature:
void static LowestPayment(double opt1, double opt2, double opt3)
Exanple Suggested Output Display:
"Option 2 offers the Lowest Monthly Payment of $900.
* Current Auto Loan Rates at Bankrate.com
[5] Write a static method to determine the Minimum Interest Paid
between three Loan Financing Options.
Suggested Signature:
void static MinimumInterestPaid(double opt1, double opt2, double opt3)
Exanple Suggested Output Display:
"Option 2 offers the Minimum Interest Paid of $3500."
[6] Write a static method to determine the Lowest Payment
between three Loan Financing Options.
Suggested Signature:
void static LowestPayment(double opt1, double opt2, double opt3)
Exanple Suggested Output Display:
"Option 2 offers the Lowest Monthly Payment of $900.
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