Question: Economic formulas are available to compute annual payments for loans. Suppose that you borrow an amount of money P and agree to repay it in

Economic formulas are available to compute annual payments for loans. Suppose that you borrow an amount of money P and agree to repay it in n annual payments at an interest rate of i. The formula to compute the annual payment A is

Write a program to compute A. Test it with P = $55,000 and an interest rate of 6.6 % ( i = 0.066). Compute results for n = 1, 2, 3, 4, and 5, display the results as a table with headings and columns for n andA.

i(1 +i)" A = P- (1 + i)" 1

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