Suppose you have taken out a loan for a certain amount of money with a fixed monthly interest rate and monthly payments, and you want to determine the monthly payment amount necessary to pay off the loan within a specific number of months. The formula is as follows:

The terms in the formula are:

• P is the payment amount per month.

• R is the monthly interest rate, as a decimal (e.g. 2.5% 5 0.025).

• A is the amount of the loan.

• M is the number of months.

Write a program that prompts the user to enter the loan amount, monthly interest rate as a percentage and desired number of months. The program should pass these values to a function that returns the monthly payment amount necessary. The program should display this amount.

Transcribed Image Text:

P = RA 1- (1 + R)-M