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  1. #1
    kmjt is offline Member
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    Default What exactly is this question asking?

    Write a program that reads the amount of a monthly mortgage payment and the amount still owed—the outstanding balance—and then displays the amount of the payment that goes to interest and the amount that goes to principal (i.e., the amount that goes to reducing the debt). Assume that the annual interest rate is 7.49 percent. Use a named constant for the interest rate. Note that payments are made monthly, so the interest is only one twelfth of the annual interest of 7.49 percent.
    The wording of this question is kind of confusing me.

    Is the question asking me to get the user to input the following 2 things? How much the user has to pay MONTHLY for their mortgage and how much total is left on their mortgage? When it says display the amount of payment that goes to interest does that mean interest MONTHLY? So would I use this equation: ((monthlymortgage*12)*0.0749)/12

    And then just subtract that from the monthlymortgage to determine the amount that goes to "principal" per month?

    Sorry for bad english.

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    user0 is offline Senior Member
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    Quote Originally Posted by kmjt View Post
    The wording of this question is kind of confusing me.

    Is the question asking me to get the user to input the following 2 things? How much the user has to pay MONTHLY for their mortgage and how much total is left on their mortgage? When it says display the amount of payment that goes to interest does that mean interest MONTHLY? So would I use this equation: ((monthlymortgage*12)*0.0749)/12

    And then just subtract that from the monthlymortgage to determine the amount that goes to "principal" per month?

    Sorry for bad english.
    Hi - I would think the question is asking you to get 2 user inputs and then simply display the payment broken down into interest and principal. Read the Scanner class API, if you have not already done so.

    Also, keep in mind this is a java forum, and so please don't ask how or what you have to do to get your output. The Finance Forums - Powered by vBulletin ;)

    Best,
    --user0--

  3. #3
    JosAH's Avatar
    JosAH is offline Moderator
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    Default

    Quote Originally Posted by kmjt View Post
    The wording of this question is kind of confusing me.

    Is the question asking me to get the user to input the following 2 things? How much the user has to pay MONTHLY for their mortgage and how much total is left on their mortgage? When it says display the amount of payment that goes to interest does that mean interest MONTHLY? So would I use this equation: ((monthlymortgage*12)*0.0749)/12

    And then just subtract that from the monthlymortgage to determine the amount that goes to "principal" per month?

    Sorry for bad english.
    If you borrow an amount M with a yearly interest percentage i, after one month the total amount is M*(1+i/100/12). If you pay a monthly amount of money N the total amount becomes M*(1+i/100/12)-N. You can do the rest of the calculations yourself.

    kind regards,

    Jos
    cenosillicaphobia: the fear for an empty beer glass

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