Question: java Sample output: Assignmento (1) (Java Application] /Library/Java/JavaVirtual Machines/jdk1.8. Please enter the loan amount: 1000 Please enter the loan period (years): 2 Interest Rate(%) Monthly

java Sample output: Assignmento (1) (Java Application] /Library/Java/JavaVirtual Machines/jdk1.8. Please enter

the loan amount: 1000 Please enter the loan period (years): 2 Interest

java

Sample output: Assignmento (1) (Java Application] /Library/Java/JavaVirtual Machines/jdk1.8. Please enter the loan amount: 1000 Please enter the loan period (years): 2 Interest Rate(%) Monthly Payment ($) Total Payment (5) 5.000 43.87 1052.91 5.125 43.93 1054.26 5.250 43.98 1055.60 5.375 44.04 1056.95 5.500 44.10 1058.30 5.625 44.15 1059.64 5.750 44.21 1060.99 5.875 44.26 1062.34 6.000 44.32 1063.69 6.125 44.38 1065.05 6.250 44.43 1066.40 6.375 44.49 1067.75 6.500 44.55 1069.11 6.625 44.60 1070.47 6.750 44.66 1071.82 6.875 44.72 1073.18 7.000 44.77 1074.54 7.125 44.83 1075.90 7.250 44.89 1077.26 7.375 44.94 1078.63 7.500 45.00 1079.99 7.625 45.96 1081.35 7.750 45.11 1082.72 7.875 45.17 1984.09 8.000 45.23 1085.45 (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 (annual) interest rate starting from 5% to 8%, with an increment of 1/8. For the formula to compute monthly payment, loanAmount X monthly Interest Rate monthly Payment = - (1 + monthlyInterest Rate)umberOfYears X12 totalPayment = monthlyPayment X numberOfYears x 12

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