JAVA ONLY!!

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Remember that the interest rate is the YEARLY interest rate given to you as a percentage.

You are to 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%. You may use any type of loop that you want, but you MUST use a loop. Call your class Loans The loan amount will be a double value, and the years will be an integer. Output is provided on the next pages. Here is the formula for calculating monthly payments: payment -loan l+e - c = the MONTHLY interest rate n = number of payments (remember, this is MONTHLY) Sample Outputs: E Console Loans [Java Application] C:Program FilesJava jdk1.7.0 Loan amount: 10000 Number of Years: 5 nterest Rate Monthly Payment Total Payment 5.0% 5. 125% 525% 5. 375% 5.5% 5 . 625% 5. 75% 5. 875 60% 6. 125% 6.25% 6. 375 6.5% 6.625% 6 . 75% 6 . 875% 7 . 0% 7.125% 7.25% 7 . 375% 7, 5% 7 . 625% 7.75% 7 . 875% 8, 0% 188.71 189.28 189.85 190.43 191.01 191.58 192.16 192.74 193.32 193.9 194.49 195.07 195.66 196.24 196.83 197.42 198.01 198.6 199.19 199.78 200.37 200.97 201.56 202.16 202.76 11322.74 11357.13 11391.59 11426.11 11460.69 11495.34 11530.06 11564.83 11599.68 11634.58 11669.55 11704.59 11739.68 11774.85 11810.07 11845.36 11880.71 11916.13 11951.61 11987.16 12022.76 12058.44 12094.17 12129.97 12165.83