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Essay Details:
Essay text:
//8-26-08
//Have to import the IO Class
import java.io.IOException;
public class Mortgage
{
//This area lets the user press Enter to continue
public static void waitForEnter()
{
try
{
int ch;
while((ch = System.in.read()) != -1 && ch != '\r')
{
;
}
} catch (IOException ex)
{
}
}
public static void main(String[] args)
{
//Define Array Variables
int [] NumberOfPayments = {84, 180, 360}; //Length of Mortgage in Months
int [] NumberOfYears = {7, 15, 30}; //Length of Mortgage in Years
double [] AnnualInterestRate = {.0535, .055, .0575}; //Annual Interest Rate
//Define Other Variables
double PrincipleBalance = 200000; //$200,000 Principle Balance of Mortgage
double DiscountFactor;
double MonthlyInterestRate;
double MonthlyPayment;
double NewPrincipleBalance = PrincipleBalance; //Loan Balance During Amortization
//Array Loop
int LoanMe;
for (LoanMe = 0; LoanMe <=2; LoanMe ++)
{
MonthlyInterestRate = AnnualInterestRate[LoanMe] / 12; //Monthly Interest Rate
//Calculations
DiscountFactor = (Math...
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