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Write a program in python that calculates the amount of the monthly payments to repay a mortgage loan, using the following formula: Monthly payment =1(1+Monthlyinterestrate)NumberofpaymentsNumberofyearsinthemortagetermTotalloanamountMonthlyinterestrate
Write a program in python that calculates the amount of the monthly payments to repay a mortgage loan, using the following formula: Monthly payment =1(1+Monthlyinterestrate)NumberofpaymentsNumberofyearsinthemortagetermTotalloanamountMonthlyinterestrate Monthly interest rate =NumberofmonthlypaymentsMortgagerate The program also displays the scheduled monthly payments, specifying for each month the balance (remaining amount), the interest paid and the amount paid. The following data must be provided as input by the user: loan amount, interest rate and loan term. The calculation must be encapsulated in a function. The display of the payment schedule (see example below) must be encapsulated in a function. Values (returned or displayed) must be rounded to the nearest hundredth ( 2 decimal places). The data entered by the user must be validated. Loan amount and loan term must be whole numbers. Interest rate must be a percentage (Ex: 5,7.5,10 )
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