The principal is the amount you borrow with your mortgage. Part of your monthly payment will be used to pay down the main, or mortgage debt, and the rest will be used to pay interest on the loan. The lender charges you interest for the lending you money.

In the case of mobile properties, a pledge is utilized, and in the case of immovable goods, a mortgage is used. The items are kept with the lender in the case of a pledge, whereas mortgaged properties are kept with the borrower.

If you wish to calculate your monthly mortgage payment by hand, you’ll need the monthly interest rate, which you can get by dividing the annual interest rate by 12 months (the number of months in a year). The monthly interest rate, for example, would be 0.33 percent (0.04/12 = 0.0033) if the yearly interest rate is 4%. 01.

rate=(rate/100)/12

The interest rate is the percentage of the principal that a lender charges for the use of assets. The annual percentage rate (APR) is used to express the interest rate on a yearly basis (APR). Cash, consumer goods, or significant assets like a vehicle or a building could be used as collateral.

```
import java.util.Scanner;
class Main
{
public static void main(String arg[])
{
Scanner scan = new Scanner(System.in);
System.out.print("Enter the principal money ");
double principal = scan.nextDouble();
System.out.print("Enter rate of interest per principal amount");
double rate = scan.nextDouble();
rate =( rate/100)/12;
System.out.print("Enter duration of the loan amount");
int time = scan.nextInt();
time = time * 12;
double p= (principal * rate) / (1 - Math.pow(1 + rate, -time));
System.out.println("Your payment is" + p);
}
}
```

Output:

Enter the principal money 1500000

Enter the rate of interest per principal amount7

Enter the duration of the loan amount20

Your payment is 11629.484034283096

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