Compare loans with various interest rates

The problem

Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8.

Breaking it down

public static void main(String[] args) {

    double annualInterestRate = 5.00;
    Scanner input = new Scanner(System.in);

    System.out.printf("Loan amount: ");
    double loanAmount = input.nextDouble();

    System.out.print("Number of Years: ");
    int numberOfYears = input.nextInt();

    input.close();

    System.out.printf("%-1s%20s%20s\n", "Interest Rate", "Monthly Payment",
            "Total Payment");

    for (; annualInterestRate <= 8.00; annualInterestRate += 0.125) {

        double monthlyInterestRate = annualInterestRate / 1200;
        double monthlyPayment = loanAmount
                + monthlyInterestRate
                / (1 - 1 / Math.pow(1 + monthlyInterestRate,
                        numberOfYears * 12));

        double totalPayment = monthlyPayment * numberOfYears * 12;

        // Displaying formatted info
        System.out.printf("%-1.3f%s%17.2f%24.2f \n", annualInterestRate,
                "%", ((int) (monthlyPayment * 100) / 100.0),
                ((int) (totalPayment * 100) / 100.0));

    }
}

Output

Loan amount: 100000
Number of Years: 10
Interest Rate     Monthly Payment       Total Payment
5.000%          1060.65               127278.61 
5.125%          1066.77               128013.06 
5.250%          1072.91               128750.04 
5.375%          1079.07               129489.53 
5.500%          1085.26               130231.53 
5.625%          1091.46               130976.04 
5.750%          1097.69               131723.06 
5.875%          1103.93               132472.58 
6.000%          1110.20               133224.60 
6.125%          1116.49               133979.11 
6.250%          1122.80               134736.11 
6.375%          1129.13               135495.60 
6.500%          1135.47               136257.57 
6.625%          1141.85               137022.01 
6.750%          1148.24               137788.93 
6.875%          1154.65               138558.32 
7.000%          1161.08               139330.17 
7.125%          1167.53               140104.48 
7.250%          1174.01               140881.24 
7.375%          1180.50               141660.46 
7.500%          1187.01               142442.12 
7.625%          1193.55               143226.22 
7.750%          1200.10               144012.75 
7.875%          1206.68               144801.72 
8.000%          1213.27               145593.11