$\%3$Cdiv$\%3$E$\%3$Cp$\%3$EAssignment $1$B$\%3$A$\%0$ALoan Payment Calculator$\%0$AYou$\%27$re applying for a car loan and want to calculate your monthly payment. The monthly $\%0$Apayment can be calculated using the formula$\%3$A$\%0$AWhere$\%3$A$\%0$A$\%$E$2\%80\%$A$2$ P is the loan amount $($principal$).\%0$A$\%$E$2\%80\%$A$2$ r is the monthly interest rate $($annual interest rate divided by $12$ and converted to a $\%0$Adecimal$).\%0$A$\%$E$2\%80\%$A$2$ n is the number of payments $($loan term in years multiplied by $12).\%0$AWrite a Python program that prompts the user for the loan amount$\%2$C annual interest rate$\%2$C and loan $\%0$Aterm in years. The program should calculate and display the monthly payment.$\%0$A$1.$ Prompt the user to enter the loan amount $($principal$)$ as a floating$-$point number.$\%0$A$2.$ Prompt the user to enter the annual interest rate as a floating$-$point number.$\%0$A$3.$ Prompt the user to enter the loan term in years as an integer.$\%0$A$4.$ Calculate the monthly interest rate by dividing the annual interest rate by $12$ and $\%0$Aconverting it to a decimal $($e$.$g$.\%2$C if the annual rate is $5\%\%2$C$\%2$Bconvert it to $0\mathrm{.}05$ and then to $\%0$A$0\mathrm{.}004167$ for monthly rate$).\%0$A$5.$ Calculate the number of payments by multiplying the loan term in years by $12.\%0$A$6.$ Use the formula to calculate the monthly payment.$\%0$A$7.$ Display the monthly payment$\%2$C rounded to two decimal places.$\%0$AOutput$\%3$A$\%0$AEnter the loan amount$\%3$A $25000\%0$AEnter the annual interest rate $($in $\%)\%3$A$\%2$B$5\mathrm{.}5\%0$AEnter the loan term $($in years$)\%3$A $5\%0$AYour monthly payment is$\%3$A $\%24477\mathrm{.}52\%3$C$\%2$Fp$\%3$E$\%3$C$\%2$Fdiv$\%3$E$\%3$Cdiv$\%3$E$\%3$C$\%2$Fdiv$\%3$E