Question: Program Specification: This project involves implementing a Java program that performs a calculation of payments associated with loans. The program shall allow a user to

Program Specification: This project involves implementing a Java program that performs a calculation of payments associated with loans. The program shall allow a user to enter the following data: annual interest rate the loan (i.e. , number of years), and the loan amount. A GUI like the one below must be used. Loan Calculator Annual Interest Rate: Number of Years Loan Amount: Monthly Payment Total Payment Calculate When the user presses the calculate button, the monthly payment and total amount of payments shall be displayed. The formula for computing the monthly payment (P) is: i A where i - periodic interest rate, A amount of loan, n number of compounding periods (12). For example, if the annual interest rate is 5 percent, the term of the loan is 2 years, and th loan amount is $2,000, and interest is compounded monthly: 05/12+ .00417 n = 2 * 12 = 24 P = S87.74 Total Payment : 24 * $87.74

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