Part $1$ Write a function called payment to calculate the payment for a loan. There are three parameters needed: length of loan in years $t,$ annual interest rate, $r,$ and the amount borrowed, $P.$ The formula to find the payment is

$p=\frac{\frac{r}{12}P}{1-(1+\frac{r}{12}{)}^{-12t}}$

where

$p=$ payment

$P=$ principle loan amount

$r=$ annual interest rate $(as$ a decimal$)$

$t=$ time $in$ years

The function definition should begin like:

def payment$($rate$,$ years, principle$)$:

# your implementation code goes here

Part $2$ Write a function called totalOfPayments to calculate the total amount paid for the loan after the loan is paid. The formula is

$T=p12t$

where

$p=$ payment

$t=$ time $in$ years

The function definition should begin like:

def totalofPayments$($rate$,$ years, principle$)$:

# your implementation code goes here

Hint: this function can call the payment $O$ function to get $p.$

Page $1$ of $2$

Part $3$ Write a function called financeCharge to calculate the total interest paid over the life of the loan. The formula is

$I=T-P$

where

$P=$ principle loan amount

$T=$ total $of$ payments

The function definition should begin like:

def financeCharge$($rate$,$ years, principle$)$:

# your implementation code goes here

Hint: this function can call the totalofPayments $O$ function to get $T.$

All three functions should be saved in one file called loan$\_$payment. py$.$ Also include a program that calls these functions. Use the following values to test your three functions.

Test Values

rate APR$)$

years $=5\mathrm{.}0$

principle $=10000$

Results

Payments: $211\mathrm{.}93$

Finance Charge: $2,715\mathrm{.}78$

Total: $,12,715\mathrm{.}78$