Need help on this working properly... it outputs a wrong result.. is it just the math operation at the bottom? What should the equation read as?

private JButton buttonCalc;

public Calculator() {
initComponents();
setDefaultCloseOperation(JFrame.EXIT_ON_CLOSE);
setVisible(true);
pack();

// Add Listeners
buttonCalc.addActionListener(this);
}

public void initComponents() {
//Initialize Components
panelAdder = new JPanel();
labela = new JLabel("Amount");
textFieldAmount = new JTextField();
labelt = new JLabel("Term");
textFieldTerm = new JTextField();
labelr = new JLabel("Rate");
textFieldRate = new JTextField();
textFieldResult = new JTextField();
buttonCalc = new JButton("Calculate");

//Set Object Attributes
textFieldResult.setEditable(false);
textFieldResult.setColumns(8);
textFieldAmount.setColumns(6);
textFieldTerm.setColumns(2);
textFieldRate.setColumns(2);

Container contentPane = getContentPane();
contentPane.setLayout(new FlowLayout());

//Lets add the components to the panel
panelAdder.add(labela);
panelAdder.add(textFieldAmount);
panelAdder.add(labelt);
panelAdder.add(textFieldTerm);
panelAdder.add(labelr);
panelAdder.add(textFieldRate);
panelAdder.add(buttonCalc);
panelAdder.add(textFieldResult);

contentPane.add(panelAdder);
}

public static void main(String [] args) {
Calculator frame = new Calculator();
}

private void setResultValue() {
double amount = Double.parseDouble (textFieldAmount.getText());
double term = Integer.parseInt(textFieldTerm.getText());
double rate = Double.parseDouble(textFieldRate.getText()) / 100.;
double result = amount * ( rate * Math.pow ( ( 1 + rate ), term ) ) / ( Math.pow( ( 1 + rate ), term ) - 1 );

textFieldResult.setText(Double.toString(result));
}

public void actionPerformed(ActionEvent event) {
System.out.println("Action Button");
String command = event.getActionCommand();
if ("Calculate".equals(command)) { setResultValue(); }
}
}