Question: Please write a complete program to calculate monthly payment given The following formula Use scanner Monthly Pay= [rate + rate / ([1+rate] ^months -1)] X

Please write a complete program to calculate monthly payment given The following formula

Use scanner

Monthly Pay= [rate + rate / ([1+rate] ^months -1)] X principle

Where rate of 6% means 6/1200 and

Months means number of years x 12

Make the program user friendly. You may write method and call a method to do the job.

Possible data to test:

Principle 12200

Rate 7

Term in years 5

Monthly payment is 241.57

Total Payment is 14494.48

Interest Expense is 2294.48

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