JAVA

(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,

• Submit your source codes (Assignment0.java), and screenshots at Assignment 0 in Canvas by the deadline
• Late penalty: 2 points off for each day late. 5-point off for the resubmission after grading. The resubmission should be made within 3-days after grading to avoid additional late penalty.
• Sample output:

Rubric

Coding Assignment (1)

Coding Assignment (1)

Criteria Ratings Pts This criterion is linked to a Learning OutcomeSource codes content structure 70.0 pts This criterion is linked to a Learning OutcomeOutput screenshots format 20.0 pts This criterion is linked to a Learning OutcomeFile format/submission format 10.0 pts Total Points: 100.0

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loanAmount X monthlyInterestRate monthlyPayment- I + monthlyInterestRatenumberoYears X12 total PaymentmonthlyPayment X numberOfYears X 12 Assignment0 (1) [Java Application] /Library/Java/JavaVirtualMachines/jdk1.8. Please enter the loan amount:1000 PLease enter the Loan period (yearS:2 Interest Rate(%) Monthly Payment ($) Total Payment ($) 1052.91 1054.26 1055.60 1056.95 1058.30 1059.64 1060.99 1062.34 1063.69 1065.05 1066.40 1067.75 1069.11 1070.47 1071.82 1073.18 1074.54 1075.90 1077.26 1078.63 1079.99 1081.35 1082.72 1084.09 1085.45 5.000 5.125 5.250 5.375 5.500 5.625 5.750 5.875 6.000 6.125 6.250 6.375 6.500 6.625 6.750 6.875 7.000 7.125 7.250 7.375 7.500 7.625 7.750 7.875 8.000 43.87 43.93 43.98 44.04 44.10 44.15 44.21 44.26 44.32 44.38 44.43 44.49 44.55 44.60 44.66 44.72 44.77 44.83 44.89 44.94 45.00 45.06 45.11 45.17 45.23