Thread: Working on a code to calculate interest rates...

So i am supposed to calculate someones savings+their interest rate for each month, but it only wants me to display the 6th month. I am lost how to get to the 6th month. I made the code work for the first one and for an example i used 100 as the savings and .05 as the interest. any help would be appreciated. Code so far is:

import java.util.Scanner;
import javax.swing.JOptionPane;
 
 
//September 19, 2012 pg 77 #2.13
public class Pg77 {
    public static void main(String[] args) {
 
        String numtxt= JOptionPane.showInputDialog("Enter a monthly savings amount.");
 
         Double savings = Double.parseDouble(numtxt);
 
    numtxt = JOptionPane.showInputDialog("Enter annual interest rate as a decimal           i.e. 5%=.05");
 
    Double arate = Double.parseDouble(numtxt);
 
    Double rate=arate/12;
 
   Double interest=rate*savings;
 
   JOptionPane.showMessageDialog(null, savings + "*" + rate + "=" + interest);
 
   Double year1=interest+savings;
 
   JOptionPane.showMessageDialog(null, savings + "+" + interest + "=" + year1);
    }
}

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how to get to the 6th month.

Does that mean to compute the first 5 months and not display them? You could use a loop to compute the first 5 months.

I just didnt know if i had to manually put in all the months

Look at using a loop.

I don't know what formulas you have for computing interest and compounding it.
Here's some pseudo code:
set principle amt to start with
begin loop (to loop number of periods)
compute interest on principle for this period
add interest to principle
end loop

If you are having problems with the code, post the code and your questions.
Also post the output from the program and explain what is wrong with it.