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The code should be in java and please i need it fast Problem #1: (35 pts! A bank provides two types of loans to its
The code should be in java and please i need it fast
Problem #1: (35 pts! A bank provides two types of loans to its customers: personal and student loans. Each type has its own interest rate. The loan duration can be for 3 or 5 years. The interest rate is shown in the below table: Personal Student 3 5% 3% years 5 4% 2.5% years The monthly payment for each loan is calculated as follows: Total interest amount = loan amount interest rate * number of years Loan duration in months - 12 number of years Monthly payment - (loan amount + total interest amount) / loan duration in months Write a program that prompts the user to enter: the loan type as character (Por S). the loan amount the number of years of the loan as an integer: 3 or 5 years The program will calculate the monthly payment and display it as shown in the sample runs below: Sample Run 1: Enter the loan type: P Enter the loan amount in dollars: 20000 Enter the number of years: 3 The monthly payment for your loan with interest 0.05 18: 638.88 Sample Run 2: Enter the loan type: Enter the loan amount in dollars: 20000 Enter the number of years: 3 The monthly payment for your loan with interest 0.03 is: 605.55 Sample Run 3: Enter the loan type: 1 Invalid loan type. Sample Run 4: Enter the loan type: P Enter the loan amount in dollars: 20000 Enter the number of years: 4 Invalid number of years Step by Step Solution
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