Question: Assignment 1 B: Loan Payment Calculator You're applying for a car loan and want to calculate your monthly payment. The monthly payment can be calculated

Assignment 1B: Loan Payment Calculator You're applying for a car loan and want to calculate your monthly payment. The monthly payment can be calculated using the formula: Where: P is the loan amount (principal). r is the monthly interest rate (annual interest rate divided by 12 and converted to a decimal). n is the number of payments (loan term in years multiplied by 12). Write a Python program that prompts the user for the loan amount, annual interest rate, and loan term in years. The program should calculate and display the monthly payment. 1. Prompt the user to enter the loan amount (principal) as a floating-point number. 2. Prompt the user to enter the annual interest rate as a floating-point number. 3. Prompt the user to enter the loan term in years as an integer. 4. Calculate the monthly interest rate by dividing the annual interest rate by 12 and converting it to a decimal (e.g., if the annual rate is 5%,+convert it to 0.05 and then to 0.004167 for monthly rate).5. Calculate the number of payments by multiplying the loan term in years by 12.6. Use the formula to calculate the monthly payment. 7. Display the monthly payment, rounded to two decimal places. Output: Enter the loan amount: 25000 Enter the annual interest rate (in %):+5.5 Enter the loan term (in years): 5 Your monthly payment is: $477.52

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