The Consumer Loan Assistant project is a Java-based application developed using Microsoft Visual Code Studio and Swings. It serves as a valuable tool for managing consumer debt by facilitating calculations related to loan payments and loan terms based on user-provided balance and interest information.
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Input Loan Information: Users can input their loan balance and yearly interest rate to initiate the calculation process.
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Payment Calculation: The application offers two distinct calculation options:
- Option 1: Users can specify the number of payments they intend to make, and the loan assistant will calculate the corresponding monthly payment amount.
- Option 2: Alternatively, users can input their desired monthly payment amount, and the loan assistant will determine the number of payments required to pay off the loan.
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Comprehensive Analysis: The Consumer Loan Assistant not only provides payment details but also offers a comprehensive analysis of the loan. This analysis includes:
- Total payments over the course of the loan.
- Total interest paid on the loan.
The project has been developed and implemented as a standalone application named "Consumer_Loan_Assistant."
By using this application, individuals can gain a better understanding of their consumer debt and make informed decisions about their loan repayment strategies.