Question: (Part 2 - 50 points) Writ a program to compare loans with various rates. The program lets the user enter the loan amount and loan

(Part 2 - 50 points) Writ a program to compare loans

(Part 2 - 50 points) Writ a program to compare loans with various rates. The program lets the user enter the loan amount and loan period in years and display the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8. The formulas to compute the monthly payment and total payment are: Loan Amount * Monthly Interest Rate Monthly Payment = 1 1 - (1 + Monthly Interest Rate) Number of Years 12 Total Payment = Monthly Payment * Number of Years * 12 Monthly Interest Rate = Yearly Interest Rate /1200. This will convert the rate to a decimal value Here is a sample run: Loan Amount: 10,000 Number of Years: 5 Interest Rate Monthly Payment 5.000% 188.71 5.125% 189.29 5.250% 189.86 Total Payment 11322.74 11357.13 11391.59 7.875% 8.000% 202.17 202.76 12129.97 12165.84

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