Write a program that helps the user to consider a range of interest rates for a mortgage over 20, 25,
and 30 years. Prompt the user to enter the amount of the loan and a minimum and maximum
interest rate (in whole percentages). Then write a text file containing a table of the form;
Loan Amount: $50,000.00
Interest
Rate Duration Monthly Total
Payment
Payment
(years)
10.00 20
10.00 25
10.00 30
10.00 20
The output file produced should contain payment information on a particular loan amount for interest
rates from the minimum rate to the maximum rate in increment of 0.25%. The loan durations should
be 20, 25,and 30 years. Output the monthly payment and total payment values rounded to two
decimal places. You may neglect the fact that because the monthly payment must be rounded, the
final payment will be slightly different. The formula for calculating monthly payment is given below:
payment=ip/1-(1+i)^-n
where i is interest, P is loan amount, n is number of installmen
Documents Required for submission:
1. Word Document with sample run of program (Terminal Screen Shot - change the
background color to white, and font color to black) and the explanation on the source code for every
important lines.
2. Source code (Notepad) – a complete working program.
Interest Duration Monthly Total
Rate (years) Payment Payment
