The simple interest on a loan is calculated by the formula. interest = principal * rate * days / 365; The preceding formula assumes that rate is the annual interest rate, and therefore includes the division by 365 (days). Develop a program that will input principal, rate and days for several loans, and will calculate and display the simple interest for each loan, using the preceding formula.

Java Codes

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The simple interest on a loan is calculated by the formula.

interest = principal * rate * days / 365;

The preceding formula assumes that rate is the annual interest rate, and therefore includes the division by 365 (days). Develop a program that will input principal, rate and days for several loans, and will calculate and display the simple interest for each loan, using the preceding formula.

Code:

import java.util.Scanner;

public class MachineProblem10 {

    public static void main(String[] args) {

       

        Scanner input_user = new Scanner(System.in);

       

        float principal,rate,interest;

        int loan_days;

       

        System.out.println("*****************************************");

        for(int x = 0;x < 1000;x++)

        { 

           

        System.out.print("  Enter loan principal (-1 to end): ");

            principal = input_user.nextFloat();

           

            if(principal != -1)

            {

                System.out.print("  Enter interest rate: ");

                rate = input_user.nextFloat();

               

          System.out.print("  Enter term of the loan in days: ");

                loan_days = input_user.nextInt();

               

                interest = principal * rate * loan_days / 365;

                System.out.println("*****************************************");

System.out.println("  The interest charge is $" + interest);               System.out.println("*****************************************");

            }

            else

            {

                return;

            }        

            

        }

    }

}