5 Extra Credit Create a class called Limits. In it, write a main method that uses...

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5 Extra Credit Create a class called Limits. In it, write a main method that uses definite loops to verify the following statement: For a loan of $10,000 at an annual interest rate of 3%, the limit of the total amount paid as the number of payments approaches infinity is $10,150.75 Output should start like this: # Pmts Total Paid 1 10 10300.0 10165.74 100 ... To accomplish this task, you will need several building blocks: The formula for calculating a loan payment amount is shown below. We would normally round to the nearest penny-you cannot make payments in fractional centsbut leave it at full precision instead P = r(PV) 1-(1+r)-n P = Payment PV Present Value r = rate per period n = number of periods The formula for calculating the total amount paid: TP = P(n) Math.round(number) Round this to the nearest penny before display A Java method that rounds to the nearest integer: Note that there is no second parameter; you will need to get creative A Java method that raises a number to a power: Math.pow(number, exponent) Incrementing your loop variable logarithmically; we want to see the number of payments and the total of payments for 1 payment a year, 10 payments a year, etc., through 1,000,000,000 payments a year (109). 6 Submitting Your Work Submit the .java file(s) from your project in a single submission; there is no need to send other files or zip up the folder. 5 Extra Credit Create a class called Limits. In it, write a main method that uses definite loops to verify the following statement: For a loan of $10,000 at an annual interest rate of 3%, the limit of the total amount paid as the number of payments approaches infinity is $10,150.75 Output should start like this: # Pmts Total Paid 1 10 10300.0 10165.74 100 ... To accomplish this task, you will need several building blocks: The formula for calculating a loan payment amount is shown below. We would normally round to the nearest penny-you cannot make payments in fractional centsbut leave it at full precision instead P = r(PV) 1-(1+r)-n P = Payment PV Present Value r = rate per period n = number of periods The formula for calculating the total amount paid: TP = P(n) Math.round(number) Round this to the nearest penny before display A Java method that rounds to the nearest integer: Note that there is no second parameter; you will need to get creative A Java method that raises a number to a power: Math.pow(number, exponent) Incrementing your loop variable logarithmically; we want to see the number of payments and the total of payments for 1 payment a year, 10 payments a year, etc., through 1,000,000,000 payments a year (109). 6 Submitting Your Work Submit the .java file(s) from your project in a single submission; there is no need to send other files or zip up the folder.