[rockybalboa]

After taking your advice and a little more searching I got the following code that runs and decrements great. Suddenly I realize that my algorithm isn't working. It's supposed to calculate the loan over 360 months (30 years), but my code runs the pricipal to zero in 189 months. And it looks like the reason is that it is calculating the interest wrong.
I'm about to lose my mind on this project.

import java.text.*;

class Wk3
{
    public static void main (String[] arguments)    //create main
    {
        int term = 30;                              //init var for length of loan
        double rate = .0575;                        //init var for interest rate
        double amount = 200000;                        //init var for loan amt
        double pmt = 0;
        
        rate = (rate/12);                       //divide annual rate to get monthly rate
        term = (term * 12);                     //multiply years to get length in months
        pmt= amount * ((rate) / (1-Math.pow(1 + rate, - term)));    //compute payment
        
        while (amount > 0 & term > 0 )                         //run if counter >0
                {
                    java.text.DecimalFormat dec = new java.text.DecimalFormat(",###.00");               //format next output to dollars.cents
                    System.out.println("\nThis months payment is $" + dec.format (pmt));                //display payment
                    System.out.println ("\nYour loan balance is $" + dec.format (amount));              //display loan amt
                    System.out.println("\nThis months interest is $" + dec.format (amount * (rate )));  //montly interest payment
                    System.out.println("\nThis months term is " + (term));
                    term --;
                    amount -=  pmt;
        }
    }
}