To complete this lab, you will need to have Java and Eclipse installed a Procedure The monthly payment c of a mortgage of n months with monthly interes is given by the mathematical formula. pr(1 +r)" (1+r)"-1

Computer Networking: A Top-Down Approach (7th Edition)
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Chapter1: Computer Networks And The Internet
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Technology Requirements
To complete this lab, you will need to have Java and Eclipse installed on your computer.
Procedure
The monthly payment e of a mortgage of n months with monthly interest rate r for a principal p
is given by the mathematical formula.
pr(1+r)"
c =
(1 +r)" - 1
Write a Java program to calculate the monthly payment. Be sure to use Scanner to gather user
input.
1. Prompt the user to enter the mortgage principal in dollars as an integer.
2. Prompt the user to enter the length of the mortgage in years as an integer.
3. Prompt the user to enter the annual interest rate in percentage as a double value.
4. Convert the length from years to months.
5. Convert the annual percent interest rate to monthly absolute interest rate.
6. Compute the monthly payment in double type.
7. Compute the total payment of the mortgage.
8. Compute the total interest payment of the mortgage.
9. Print the monthly payment, rounded to cents.
10. Print the total payment, rounded to dollars.
11. Print the total interest payment, rounded to dollars.
Take a screenshot of the successful run of your program with the program's output. Put the
screenshot and a copy of your code in a Word document for submission to the Coding Lab 3
Assignment Box.
of
Transcribed Image Text:• D- lab3_instructions.pdf Q Search 1 page Technology Requirements To complete this lab, you will need to have Java and Eclipse installed on your computer. Procedure The monthly payment e of a mortgage of n months with monthly interest rate r for a principal p is given by the mathematical formula. pr(1+r)" c = (1 +r)" - 1 Write a Java program to calculate the monthly payment. Be sure to use Scanner to gather user input. 1. Prompt the user to enter the mortgage principal in dollars as an integer. 2. Prompt the user to enter the length of the mortgage in years as an integer. 3. Prompt the user to enter the annual interest rate in percentage as a double value. 4. Convert the length from years to months. 5. Convert the annual percent interest rate to monthly absolute interest rate. 6. Compute the monthly payment in double type. 7. Compute the total payment of the mortgage. 8. Compute the total interest payment of the mortgage. 9. Print the monthly payment, rounded to cents. 10. Print the total payment, rounded to dollars. 11. Print the total interest payment, rounded to dollars. Take a screenshot of the successful run of your program with the program's output. Put the screenshot and a copy of your code in a Word document for submission to the Coding Lab 3 Assignment Box. of
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