This is a program needed in Python:

- Create a program that calculates the monthly payments on a loan

Specifications

- The interest rate should only have one decimal place for both the calculation and the formatted results.

- The formula for calculating monthly payment is:

month_payment = loan_amount * monthly_interest_rate / (1 - 1 / (1 + monthly_interest_rate) ** months)

- Use the locale module to ensure the results are formatted for the proper location.

- Use the decimal module and its quantize() method for rounding.

- Assume that the user will enter valid data.

This is how the outcome should look:

Console Monthly Payment Calculator DATA ENTRY Loan amount: Yearly interest rate: 5.6 YearS: 500000 30 FORMATTED RESULTS Loan amount: Yearly interest rate: Number of years: Monthly payment: $500,000.00 5.6% 30 $2,870.39 Continue? (y): y DATA ENTRY Loan amount: Yearly interest rate: 4.3 YearS: 500000 30 FORMATTED RESULTS Loan amount: Yearly interest rate: Number of years: Monthly payment: $500,000.00 4.3% 30 $2,474.36 Continue? (y): n