Description When you borrow money to buy a house, a car, or for some other purpose, you repay the loan by making periodic payments over a certain period of time. Of course, the lending company will charge interest on the loan. Every periodic payment consists of the interest on the loan and the payment toward the principal amount. To be specific, suppose that you borrow $1000 at the interest rate of 7.2% per year and the payments are monthly. Suppose that your monthly payment is $25. Now, the interest is 7.2% per year and the payments are monthly, so the interest rate per month is 7.2/12 = 0.6%. The first months interest on $1000 is 1000 0.006 = 6. Because the payment is $25 and interest for the first month is $6, the payment toward the principal amount is 25 - 6 = 19. This means after making the first payment, the loan amount is 1000 - 19 = 981. For the second payment, the interest is calculated on $981. So the interest for the second month is 981 0.006 = 5.886, that is, approximately $5.89. This implies that the payment toward the principal is 25 - 5.89 = 19.11 and the remaining balance after the second payment is 981 - 19.11 = 961.89. This process is repeated until the loan is paid. Write a program that accepts as input the loan amount, the interest rate per year, and the monthly payment. (Enter the interest rate as a percentage. For example, if the interest rate is 7.2% per year, then enter 7.2.) The program then outputs the amount paid each month of the billing cycle and then the summary of the loan (See sample output). (Note that if the monthly payment is less than the first months interest, then after each payment, the loan amount will increase. In this case, the program must warn the borrower that the monthly payment is too low, and with this monthly payment, the loan amount could not be repaid.)

Specifications

Declare variables with meaningful names and correct types (all variables and constants will be double)

Document all your variables

Document portions of your code (parts that perform input, output, calculations etc.)

Use iomanip to format output to two decimal places and aligned nicely

Program must compile and run with various inputs, error checking must be done, if a non number is entered or negatives it must re-prompt the user

Program must use a repetition structure to compute the months needed to pay the loan

I have to write a C++ program. I think I have an idea of how to do it. I'm confused on what my constants would be that I would declare?