ABC Bank gives loans to its customers at a monthly interest rate of 0.75%, and recipients are expected to make fixed payments every month. The bank uses the formula below to keep track of the remaining balance recipients owe after each monthly payment.
Balk = balance remaining after the kth payment.
k = payment number (1, 2, 3, …)
pmt = amount of the monthly payment.
i = interest rate per month (0.75%)
n = total number of payments to be made (where n k)
Write an interactive program in C to calculate and display the balance remaining after the 3rd and 6th monthly payments (i.e. when k=3 and k=6). The program should prompt the user to enter values for monthly payment, and total number of payments to be made (i.e. n). Declare the interest rate per month (i) as a named constant so that its value cannot be changed.