Java: interest rate calculator

In this tutorial we will write a simple command line Java program that calculates compound interest rate.

Create new Module (application)

• File > New Module ...
• Maven
• Group ID: org.clc.cit137
• Artifact: JavaCompoundRateCalc
• Module Name: JavaCompoundRateCalc
• Content Root: ~/CLC/2015_spring/JavaCompoundRateCalc
• Module File Location: ~/CLC/2015_spring/JavaCompoundRateCalc

Create Main.java

Run the program from IntelliJ

for() loop: Year 1; rate $5.0
for() loop: Year 2; rate $10.0
for() loop: Year 3; rate $15.0
for() loop: Year 4; rate $20.0
for() loop: Year 5; rate $25.0
for() loop: Year 6; rate $30.0
for() loop: Year 7; rate $35.0
for() loop: Year 8; rate $40.0
for() loop: Year 9; rate $45.0
for() loop: Year 10; rate $50.0
for() loop: Year 11; rate $55.0
for() loop: Year 12; rate $60.0
for() loop: Year 13; rate $65.0
for() loop: Year 14; rate $70.0
for() loop: Year 15; rate $75.0

while() loop: Year 1; rate $5.0
while() loop: Year 2; rate $10.0
while() loop: Year 3; rate $15.0
while() loop: Year 4; rate $20.0
while() loop: Year 5; rate $25.0
while() loop: Year 6; rate $30.0
while() loop: Year 7; rate $35.0
while() loop: Year 8; rate $40.0
while() loop: Year 9; rate $45.0
while() loop: Year 10; rate $50.0
while() loop: Year 11; rate $55.0
while() loop: Year 12; rate $60.0
while() loop: Year 13; rate $65.0
while() loop: Year 14; rate $70.0
while() loop: Year 15; rate $75.0

Create a new class CompoundRate.java

Change Main.java

Monthly payments if taken for 1 years: $21,344.63 total paid = $256,135.56

Monthly payments if taken for 2 years: $10,911.95 total paid = $261,886.87

Monthly payments if taken for 3 years: $7,436.73 total paid = $267,722.32

Monthly payments if taken for 4 years: $5,700.87 total paid = $273,641.83

Monthly payments if taken for 5 years: $4,660.75 total paid = $279,645.29

Monthly payments if taken for 6 years: $3,968.51 total paid = $285,732.54

Monthly payments if taken for 7 years: $3,475.04 total paid = $291,903.39

Monthly payments if taken for 8 years: $3,105.81 total paid = $298,157.63

Monthly payments if taken for 9 years: $2,819.40 total paid = $304,495.00

Monthly payments if taken for 10 years: $2,590.96 total paid = $310,915.23

Monthly payments if taken for 11 years: $2,404.68 total paid = $317,417.99

Monthly payments if taken for 12 years: $2,250.02 total paid = $324,002.94

Monthly payments if taken for 13 years: $2,119.68 total paid = $330,669.70

Monthly payments if taken for 14 years: $2,008.44 total paid = $337,417.86

Monthly payments if taken for 15 years: $1,912.48 total paid = $344,246.98

Monthly payments if taken for 16 years: $1,828.94 total paid = $351,156.60

Monthly payments if taken for 17 years: $1,755.62 total paid = $358,146.21

Monthly payments if taken for 18 years: $1,690.81 total paid = $365,215.29

Monthly payments if taken for 19 years: $1,633.17 total paid = $372,363.29

Monthly payments if taken for 20 years: $1,581.62 total paid = $379,589.63

Monthly payments if taken for 21 years: $1,535.29 total paid = $386,893.70

Monthly payments if taken for 22 years: $1,493.47 total paid = $394,274.87

Monthly payments if taken for 23 years: $1,455.55 total paid = $401,732.50

Monthly payments if taken for 24 years: $1,421.06 total paid = $409,265.89

Monthly payments if taken for 25 years: $1,389.58 total paid = $416,874.36

Monthly payments if taken for 26 years: $1,360.76 total paid = $424,557.17

Monthly payments if taken for 27 years: $1,334.30 total paid = $432,313.60

Monthly payments if taken for 28 years: $1,309.95 total paid = $440,142.86

Monthly payments if taken for 29 years: $1,287.48 total paid = $448,044.19

Monthly payments if taken for 30 years: $1,266.71 total paid = $456,016.78

Homework: add JavaFX UI to your app

Homework: add another method to calculate amount LEFT at the end of each year if given monthly amount is paid.