Using arrays with formulas

Question

I'm having trouble getting my arrays to work in the formula that I need to use to calculate a monthly mortgage payment, which is what I need to do. I'm supposed to use arrays to store three different term year amounts and three different interest rates, and then display the monthly payment and other info for each amount. Can someone help with this? I keep getting errors that say "cannot use operator / or * with double[]". Here is my code:
class PaymentArray {
     public static void main(String[] arguments) {
          double amount = 100000;
          int[] term = {7, 15, 30};
          double[] rate = {.0535, .055, .0575};
          double payment = (amount*(rate/12))/(1-(Math.pow(1/(1+(rate/12)),(term*12))));
          for (int i = 0; i < term.length; i++) {
               for (int j = 0; j < rate.length; j++) {
                    System.out.println("If the initial loan amount is " + amount);
                    System.out.println("and the length of the term is " + term + " years");
                    System.out.println("and the monthly interest rate is " + rate);
                    System.out.println("The monthly payment will be " + payment);
}Any help would be greatly appreciated. Thanks!!! :-)

Answer 1

That all worked really well, thanks so much!!!
The only problem I have now is, instead of calculating the payments at 7 years/5.35%, 15 years/5.5%, and 30 years/5.75%, it's calculating them for 7 years at 5.35%, 5.5%, and 5.75%, 15 years at 5.35%, 5.5%, and 5.75%, and so on. I don't need it to do all of that, I need the years to correspond to the correct interest rate. How can I change that? Thank you so much. Here is my new code:
class PaymentArray {
     public static void main(String[] arguments) {
          double amount = 100000;
          int[] term = {7, 15, 30};
          double[] rate = {.0535, .055, .0575};
          for (int i = 0; i < term.length; i++) {
               for (int j = 0; j < rate.length; j++) {
                    System.out.println("If the initial loan amount is " + amount);
                    System.out.println("and the length of the term is " + term[i] + " years");
                    System.out.println("and the monthly interest rate is " + rate[j]);
                    double payment = (amount*(rate[j]/12))/(1-(Math.pow(1/(1+(rate[j]/12)),(term*12))));
                    System.out.println("The monthly payment will be " + payment);