Java math problem

[GT98]

I can't get my mortgage program to display the right amount for a mortgage payment..I keep getting 11500 a month for a 200K Mortgage :lol:

import java.io.*;


public class mortgage
{
		public static void main(String[] args) throws IOException
		{
		// declaring variables
		final double principle = 200000.00;
		final double interest = .0575;
		final double term=12*30;

		// declaring variables
		final double payment = principle*(interest/(1+Math.pow(1/(1+interest),term))) ;

		//displaying variables
		System.out.println("Principle or Loan amount:"+ principle);
		System.out.println("Interest Rate:" +interest);
		System.out.println("Term of Loan:" + term);
		System.out.println("Monthly Payment is:" +payment);
}
}

[spadnos]

What do you expect, with 5.75% per month interest?

- Steve

[Tjalfe]

.0575/12

[High_Jumbllama]

Should come out to "1167.15" without tax and insurance.

[Wombat]

Is that the right equation?

I found

Notice where they subtracted in the denominator, while you added. In addition to everyone else pointing out annual vs monthly rate.

[GT98]

This is what I have to work with:

Math to be used to calculate a payment:

Interest Rate (5.75 would be .0575)

Years (Number of Years in Loan)

Loan Amount – the amount borrowed

Rate = (1 + (Rate/12.0))

Payment = (Loan Amount*(Rate-1))/(1-(Math.pow(Rate,-(Years*12))))

Math.pow raises a number to a power

[Tjalfe]

check out how the pmt() function in excel works.. it is made to do exactly this

[GT98]

check out how the pmt() function in excel works.. it is made to do exactly this

doesnt do much good in a java programing class