Amortization Schedule Program
Technologies: Java
Use: Amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage), as generated by an amortization calculator. Amortization refers to the process of paying off a debt (often from a loan or mortgage) over time through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance. It can be used to get the Schedule about the Mortgage or Car etc. Loans.
Execute as follows
Compile and run the program using eclipse
Input the following on console: -Principal Amount you would like to borrow -Annual percentage rate used to repay the loan -Term, in years, over which the loan is repaid
O/P You will get a table displaying on console about the Loan repayment plan for the defined term containing : PaymentNumber, PaymentAmount, PaymentInterest, CurrentBalance, TotalPayments, TotalInterestPaid