Problem Statement: In this lab, you will be building a loan calculator that can perform simple mathematical calculation using the topics that we have covered in the lecture classes. The calculator needs to calculate simple/compound interest based on the loan amount. Lab Scenario: First. you will display an option for the user to choose from simple interest or compound interest. The user will then select what kind of interest rate he/she wants to apply. Next, Prompt the user to enter the values for the amount borrowed, the loan in years and the interest rate (say 3%). Once the user has entered all the values, write the formulae to calculate the total loan cost, which is as follows, considering the amount borrowed is P, length of the loan is T and interest rate is R. For Simple Interest, A = (P*T* R)/ 100 Total loan cost, TA = A + P To calculate the monthly repayment, M = TA/(T*12) (Since T is in years convert to months) For Compound Interest, The formula to calculate the total loan cost is as follows, considering the amount borrowed is P, length of the loan is T, interest rate is R and number of times the interest is compounded per year is n(n should be through user input). A = P*(( l+(R/(100m))) **(n*T)) Total loan cost, TA- A+P To calculate the monthly repayment, M TA/(T 12) (Since T is in years convert to months)