Question: Coding with Java (Financial application: compare loans with various interest rates) Write a program that lets the user enter the loan amount and loan period

Coding with Java Coding with Java (Financial application: compare loans with various interest rates)

(Financial application: compare loans with various interest rates) Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8. For the formula to compute monthly payment, loanAmount monthly!nterestRate monthlyPayment = (1 + monthlyInterestRate)numberOfYears 12 total PaymentmonthlyPayment X numberOfYears X 12

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