Loan Interest Solver in Java

Write a program to compute the loan interest using the following formula.

Formula:

Interest = (Principal * Rate * Time)/100

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Program Listing

package interest_rate;

 import java.util.Scanner;

 import java.text.DecimalFormat;

/**

 * Interest_Rate.java

 * Author : Mr. Jake R. Pomperada,MAED-IT

 * Date   : February 19, 2019   Tuesday

 * http://www.jakerpomperada.com

 * jakerpomperada@jakerpomperada.com 

 * jakerpomperada@gmail.com

 */

public class Interest_Rate {

      private static DecimalFormat df2 = new DecimalFormat(".##");

   public static void main(String[] args) {

        double principal=0.00, rate=0.00, time=0.00;

        Scanner input = new Scanner(System.in);

        System.out.println();

        System.out.print("\tLoan Interest Solver");

        System.out.println("\n");

        System.out.print("\tEnter Principal Amount : PHP ");

        principal = input.nextDouble();

        System.out.print("\tEnter Rate of interest : ");

        rate= input.nextDouble();

        System.out.print("\tEnter Time period      : ");

        time = input.nextFloat();

        double interest_rate = (rate * time * principal) / 100;

        System.out.println();

        System.out.print("\tThe Amount of Interest is : PHP " + df2.format(interest_rate));

        System.out.println("\n");

        System.out.println("\tEnd of Program");

        System.out.println();

   }

    

}