# Amortization schedule

your project as a programming consultant is to create a program that develops an amortization schedule. Your program should be written as a Java applet. As an applet, your program will be executed through the use of a browser. Your applet should prompt the user for three different inputs, loan amount, the duration of the loan and the annual interest rate. Your task is to create a Java applet that provides the user with a payment schedule, or amortization schedule. The schedule must include monthly payment amount, interest amount, principal amount and the remaining balance per pay period. The amortization table must be presented to the user in a nicely formatted table. The applet input will be the loan amount, annual percentage rate (APR), and the number of years to pay out the loan. The output will be the loan amount, interest rate per pay period number of pay periods and the monthly payment. This information would be followed by the amortization schedule. Following is an example of the expected output for a \$35,000 loan over 8 years at 8.5% interest rate. Loan Amount: \$35,000 Interest Rate per pay period: 0.085 Pay Periods: 96 Monthly Payment Amount: \$503.72 Payment Monthly Amount Interest Principal Balance 35,000.00 1 503.72 247.92 255.80 34,744.20 2 503.72 246.10 257.62 34,486.58 3 503.72 244.28 259.44 33,965.86 …. 95 503.72 7.07 496.65 500.78 96 503.72 3.55 500.17 0.61 The necessary calculations are below: • p, loan amount or principal • n, number of payments = payments per year * number of years • i, interest rate per pay period = APR/payments per year = APR/12 • t, interest paid = interest rate per pay period * previous principal balance • r, monthly payment amount = principal * interest per period / (1-(1+(interest per period)/100)^(number of payments-1)^2) a, principle amount = monthly payment amount – interest paid • b, principle balance = previous balance – principle amount Hint: In Java syntax the monthly payment calculation is: r=((p*(i/100))/(1-(Math.pow((1+(i/100)),(n*(-1)))))); Details: Please note that
your program should accept three inputs: 1. The loan amount, 2. Annual Percentage Rate, and 3. The number of years to pay out the loan And calculate six types of outputs: 1. The monthly payment amount, 2. Interest per pay period, 3. Number of pay periods,