Question: Use eclipse (java) (Financial application: compare loans with various interest rates) Write a program that lets the user enter the loan amount and loan period
Use eclipse (java)


(Financial application: compare loans with various interest rates) Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each (annual) interest rate starting from 5% to 8%, with an increment of 1/8. For the formula to compute monthly payment, loanAmount X monthlyInterest Rate monthlyPayment = 1 (1 + monthlyInterestRate)numberOfYears X12 totalPayment = monthlyPayment X numberOfYears x 12 Submit your source codes (Assignment1.java), and screenshots at "Assignment 1" in Canvas by the deadline Late penalty: 5 points off for each day late. 5-point off for the resubmission after grading. The resubmission should be made within 2-days after grading to avoid additional late penalty. Sample output:
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