Description
Android app that must run in Android Studio. Must be in a compressed zip file of the project folder including its files and subfolders.
It is a Mortgage calculator that has these requirements
Use Textview and Editview components to ask the user of this app for four input data: House price, Down payment amount, Annual interest Rate ( enter 3.5 instead of 3.5%), and length of the mortgage loan (in years)
Once the user enters the data and clicks the calculate button to display the output( use TextView objects) on the same screen similar the this
Monthly Payment: xxx.xx
Total Payment: xxxxx.xx
The user should be able to clear the input data as well as the output data by clicking a cancel button
Monthly payment variables to make set up easier:
Monthly Interest rate = Annual Interest Rate / (12*100)
Months = Number of months over which loan is amortized = (Length of Mortgage in years *12)
Loan Amount = (House Price – Down Payment Amount)
Assuming that payments are paid at the end of month, the mortgage’s monthly payment formula is:
Monthly Payment = Loan Amount * Monthly Interest Rate / 1 – ( 1 + Monthly Interest Rate)^ -Months
The total payment is calculated as: Total Payment = Monthly Payment * Months
