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Assume that a financial company has asked you to write a Loan Installment Calculator Plan program. This program must allow user to enter required information
Assume that a financial company has asked you to write a Loan Installment Calculator Plan program. This program must allow user to enter required information and the program will then use the information to calculate monthly payment based on the inputs. Create a Java Program, Loaninstallment Plan.java, which prompts the user to enter the following information. a. c. Borrower's first name b. Borrower's last name Borrower's billing address d. Loan amount Term of Loan (How many months the loan will be paid off) e Interest rate is 3.9%. After a user enters all information, the program will then calculate an interest amount, a total amount of loan and a monthly payment. Here are formulas to calculate interest, total loan and monthly payment. . Interest amount = loan amount X interest rate Total loan amount = loan amount + interest amount Monthly payment = total loan amount / term of loan Please display the output as shown in the sample run. > run Loan Installment Plan First Name: John Last Name: Doe First name, last name, billing address, loan amount and term of loan must be entered by the user. Billing Address: 123 K. St, Washington, DC 20000 Loan Amount: 50000.00 Term of Loan (Months): 72 Borrower: John Doe Billing Address: 123 K. St, Washington, DC 20000 Loan Amount: $50000.00 Interest: $1950.00 Total Loan Amount: $51950.00 Term of loan: 72 months Payment/month: $721.53 Information entered by the user is displayed as output here. For example, if you enter "John Smith" as first name and last name, the borrower should be printed as John Smith. Interest, total loan and monthly payment are also calculated and displayed as output
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