Java Program

Suppose you wanted to further modify your Mortgage Calculator, to make it more versatile. Starting with Java programming assignment 4, you could add the following features:  Let the user decide on the down payment percentage amount to use.  Calculate and display mortgage payments for both a 20-year and a 30-year loan, to allow the user to compare them.  Have the program use the mortgage company’s guidelines to set the interest rate for a mortgage. o The mortgage company sets interest rates using the following chart, based on the length of a loan and the loan type. o Loans up to $417,000 are called “conforming” loans. Loans over that amount are considered “jumbo” loans, and have different interest rates. Interest Rate Chart Conforming Loans Jumbo Loans 30-year fixed 4.5% 4.125% 20-year fixed 3.85% 3.5% Overview of Program This program will still contain two classes, in two separate files within your project:  A modified MortgageLoan class to define the data fields and methods for a MortgageLoan object, containing: o Seven data field definitions for a MortgageLoan object o Two constructor methods to create a MortgageLoan object (one constructor without parameters and one constructor with parameters). o Six setter methods to set the values for six of the data fields o An instance method to compute the monthly property tax. o An instance method to compute the monthly insurance premium. o An instance method to compute the monthly principle and interest loan payment. o An instance method to display one loan’s information. o An instance method to calculate and display a loan’s payment information.