Banking Loan Calculation Project using Java

This tutorials series we are going to talk about how to make a banking loan calculation programming step by step.user shall be able to enter the loan respective amount and enter the loan duration and enter the intrest rate based on the amount and duration  loan will be calculated for each month.

Enter the code inside the Ok Button

double loanAmount = Double.parseDouble(txtAmount.getText());
int duration = Integer.parseInt(txtDur.getText());
double annualInterestRate = Double.parseDouble(txtRate.getText());
model = (DefaultTableModel)jTable1.getModel();
                
model.setRowCount(0); // Clear existing rows
double monthlyInterestRate = annualInterestRate / 12 / 100;
double monthlyPayment = (loanAmount * monthlyInterestRate) / (1 - Math.pow(1 + monthlyInterestRate, -duration));                
LocalDate startDate = LocalDate.now();

  for (int i = 1; i <= duration; i++) 
{
       double interestPayment = loanAmount * monthlyInterestRate;
       double principalPayment = monthlyPayment - interestPayment;
       loanAmount -= principalPayment;
       LocalDate dueDate = startDate.plusMonths(i);
  
       model.addRow(new Object[]{
                      i, 
                      dueDate.format(dateFormatter),
                      String.format("%.2f", principalPayment),
                      String.format("%.2f", interestPayment),
                      String.format("%.2f", monthlyPayment)
                    });
}

i have attached the video link below. which will do this tutorials step by step

Banking Loan Calculation Project using Java

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Banking Loan Calculation Project using Java