Using Arrays in a program

Question

First, I would like to thank everyone in this forum for all the help they have given me over the past few weeks. With that said, I am currently trying to alter the following code to accept and use arrays to end to produce three seperate results. The program now as three hard coded variables which are
Amount = 200000.00;
Term = 30;
InterestRate = .0575;
I need to have the program work the same, but produce results for three different Terms and Three different periods. Below is the code the I am working on, I have added two arrays containing the required information. I am having a hard time coming up with a for statment to move the program through the two arrays. Any pushes in the right direction would be great. I left the hard code variable in place, I know that I do need to remove them and alter the equations. I just thought it would be easier for everyone to understand if I left the code in working form.
import java.math.*;
import java.text.*;
import java.util.*;
// The Payment class displays a predetermined monthly mortgage payment
public class Payment
     public static void main(String[]arguments)
          //Creates Two Arrays for InterestRates and Terms
          double[] InterestRates = {.0535, .055, .0575};
          int[] Terms = {7, 15, 30};
          //Creates variables
          double Amount;
          int Term;
          double InterestRate;
          //Assigns values to variables
          Amount = 200000.00;
          Term = 30;
          InterestRate = .0575;
          //Alters the display format of Amount variable
          NumberFormat n = NumberFormat.getCurrencyInstance(Locale.US);
          String s = n.format(Amount);
          //Creates variables
          double MonthlyInterestRate;
          int TotalMonths;
          double Payment;
          //Assigns values to variables
          MonthlyInterestRate = InterestRate / 12;
          TotalMonths = Term * 12;
          Payment = Amount* MonthlyInterestRate / (1-(Math.pow((1+MonthlyInterestRate ),(-TotalMonths))));
          //Takes Payment variable and round answer to 2 decimal points
          BigDecimal bd = new BigDecimal(Payment);
bd = bd.setScale(2, BigDecimal.ROUND_DOWN);
          //Instructions to display various varibles
          System.out.println("Cost of Mortgage "+ s);
          System.out.println("Length of Term " + Term);
          System.out.println("Interest Rate 5.75% ");
          System.out.println("The monthly payment of this loan is $" + bd);
          System.out.println();
          //Creates new set of variables
          double MonthlyInterest;
          double MonthlyPrincipal;
          double TotalInterestPaid;
          int NumberofPayments;
          //Creates Balance variable
          double Balance;
          //Initialization of Balance variable
          Balance = 200000;
          TotalInterestPaid = 0;
          NumberofPayments = 360;
          //Creates a loop that calculates the entire term of loan
          do
          MonthlyInterest = Balance * (InterestRate / 12);
          MonthlyPrincipal = Payment - MonthlyInterest;
          Balance = Balance - MonthlyPrincipal;
          TotalInterestPaid = TotalInterestPaid + MonthlyInterest;
          NumberofPayments = NumberofPayments - 1;
          //Takes current balance and rounds the answer to two digits
          BigDecimal bb = new BigDecimal(Balance);
bb = bb.setScale(2, BigDecimal.ROUND_DOWN);
          BigDecimal tip = new BigDecimal(TotalInterestPaid);
                    tip = tip.setScale(2, BigDecimal.ROUND_UP);
          System.out.println("New Loan Balance " + bb);
          System.out.println();
          System.out.println("Total Interest Paid " + tip);
          System.out.println();
          System.out.println("Number of Payments remaining " + NumberofPayments);
          System.out.println();
          //The following lines of code pauses the loop to allow the user to read the output
          //The speed of th display can be adujusted to a wide variety of speeds
          try
               Thread.sleep(400);
               catch (InterruptedException exc)
          //Loop condition
          while (NumberofPayments > 0);
//Ends Application

Answer 1

Try this. It should give you some ideas. :)
import java.math.BigDecimal;
import java.text.NumberFormat;
import java.util.Locale;
// The Payment class displays a predetermined monthly mortgage payment
public class Payment {
    public static final NumberFormat CURRENCY_FORMAT = NumberFormat.getCurrencyInstance(Locale.US);
    public static final double[] INTEREST_RATES = {.0535D, .055D, .0575D};
    public static final int[] TERMS = {7, 15, 30};
    public static final double AMOUNT = 200000.00;
    public static final int MONTHS_PER_YEAR = 12;
    public static void main(String[] arguments) {
        for (int t = 0; t < TERMS.length; t++) {
            for (int i = 0; i < INTEREST_RATES.length; i++) {
                displayPayments(AMOUNT, INTEREST_RATES, TERMS[t]);
private static void displayPayments(double amount, double interestRate, int term) {
//Creates variables
//Assigns values to variables
double monthlyInterestRate = interestRate / MONTHS_PER_YEAR;
int totalMonths = term * MONTHS_PER_YEAR;
double payment = amount * monthlyInterestRate / (1 - Math.pow(1 + monthlyInterestRate, -totalMonths));
//Instructions to display various varibles
System.out.println("Cost of Mortgage " + CURRENCY_FORMAT.format(amount));
System.out.println("Length of Term " + term);
System.out.println("Interest Rate " + new BigDecimal(interestRate * 100).setScale(2, BigDecimal.ROUND_HALF_UP) + '%');
System.out.println("The monthly payment of this loan is " + CURRENCY_FORMAT.format(payment));
System.out.println();
//Creates new set of variables
double totalInterestPaid = 0.0D;
//Creates balance variable, Initialization of balance variable
double balance = amount;
//Creates a loop that calculates the entire term of loan
System.out.println("New Loan balance, Total Interest Paid, Number of Payments remaining");
for (int numberofPayment = totalMonths; numberofPayment > 0; numberofPayment--) {
double monthlyInterest = balance * monthlyInterestRate;
double monthlyPrincipal = payment - monthlyInterest;
balance -= monthlyPrincipal;
totalInterestPaid += monthlyInterest;
//Takes current balance and rounds the answer to two digits
BigDecimal bb = new BigDecimal(balance);
bb = bb.setScale(2, BigDecimal.ROUND_DOWN);
BigDecimal tip = new BigDecimal(totalInterestPaid);
tip = tip.setScale(2, BigDecimal.ROUND_UP);
System.out.println(CURRENCY_FORMAT.format(bb.doubleValue()) + ", " +
CURRENCY_FORMAT.format(tip.doubleValue()) + ", " +
numberofPayment);
System.out.println();
//Ends Application