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();
}
}
