Loan Calculation Loop

Hi all, I'm new to Java & taking my first class in programming.

I have been trying to get a

silly loan amortization chart to show. I need help with the

loop part I believe (or control statement). I need my loan balance to automatically update after each payment.

A friend told me to try something like:

totalLoanBalance = (TotalLoan Balance+NewLoanBalance) - payment

Please help me , I have been monkeying with this since Friday evening and I'm about ready to throw java (and all programming)

down the drain.

My code is as follows:

/**

* Title: Amortization Schedule

* Description: A program to let the user enter the loan amount, number of years, and interest rate, then displays the amortization schedule for the loan.

* Copyright: Copyright (c) 2002

* Company: Duke Court

* .java-program.developerfaqs.com.author Mary Davenport

* .java-program.developerfaqs.com.version 1.0

*/

public class amortization

{

//Main Method

public static void main(String[] args)

{

//Define variables

double annualIntRate, principal, balance, loanAmount, years, principalAmtPaid;

//Prompt for loan amount

System.out.print("Enter loan amount, for example 120000.95: ");

loanAmount = MyInput.readDouble();

//Prompt for number of years

System.out.print("Enter number of years: ");

years = MyInput.readDouble();

//Prompt for annual interest rate, //Obtain monthly interest rate

System.out.print("Enter Annual Interest Rate as an integer, for " +

"example 5.0: ");

annualIntRate = MyInput.readDouble();

double monthlyIntRate = annualIntRate/1200;

//Calculate monthly payment & total payments & //Display the monthly payment

double monthlyPymt = loanAmount*monthlyIntRate/

(1-1/Math.pow(1 + monthlyIntRate, years*12));

System.out.println("The monthly payment is " +

(int)(monthlyPymt*100)/100.0);

//Calculate the monthly interest payment //Display the monthly interest payment

double monthlyIntPymt = (loanAmount*monthlyIntRate);

System.out.println("The monthly interest payment is " +

(int)(monthlyIntPymt*100)/100.0);

//Calculate the monthly principal payment, //Display the monthly principal payment

double monthlyPrincipalPymt = (monthlyPymt - monthlyIntPymt);

System.out.println("The monthly principal payment is " +

(int)(monthlyPrincipalPymt*100)/100.0);

//Calculate the loan balance, //Display the loan balance

double loanBalance = (loanAmount - monthlyPrincipalPymt);

System.out.println("The loan balance is " +

(int)(loanBalance*100)/100.0);

//display the number of payments, //calculate the number of total payments

double numberOfPymts = (years*12);

System.out.println("The total number of payments is: " +

numberOfPymts);

//Display the amortization table

System.out.print("Payment #" + "\t" + "Interest" + "\t" + "Principal" +

"\t" + "Balance" + "\n" );

int pymtNumber;

for (pymtNumber = 1; pymtNumber <= (years*12); pymtNumber++)

//doesn't work: for (pymtNumber = 1; pymtNumber <= (years*12) - (years*12) -1; pymtNumber++)

{

// if(monthlyPrincipalPymt < loanBalance)

{

System.out.print(pymtNumber + "\t\t" + (int)(monthlyIntPymt*100)/100.0);

System.out.print("\t\t" + (int)(monthlyPrincipalPymt*100)/100.0);

System.out.println("\t\t" + (int)(loanBalance*100)/100.0);

}

}

}

}

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