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Code in Visual Studio. Write a program to calculate student loan payment. Prompt the user of your program to enter the amount of loan, loan
Code in Visual Studio.
Write a program to calculate student loan payment. Prompt the user of your program to enter the amount of loan, loan term, and interest rate. Use the following formular to calculate monthly payment. monthlyPayment = loanAmount (1+monthlyInterest)numberOfPayments1monthlyInterest(1+monthlyInterest)numberOfPayments Note that the interest rate entered is a yearly interest rate. Dividing it by 12 gives a monthly interest rate. The number of payments = loan term (in years) times 12. Sample output: Enter the amount of your student loan: 50000 Enter the number of years you want to repay your student loan: 10 Enter the interest rate of your student loan: 0.054 For a student loan amount of $50000.00 with an interest rate of 5.40% and a 10 -year loan term, your monthly payments are $540.16Step by Step Solution
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