Python. Use the Decimal class instructions in solution. Project 9-1: Interest CalculatorCreate a program that calculates the interest on a loan.ConsoleInterest CalculatorEnter loan amount:Enter interest rate:Loan amount:Interest rate:Interest amount:Continue? (y/n): yLoan amount:Interest rate:Interest amount:5200005.375Continue? (y/n): n$520,000.005.375%$27,950.00Enter loan amount:Enter interest rate: 1.34944.5$4,944.501.300%$64.28Bye!Specifications• The formula for calculating the interest amount is:loan_amount(interest rate / 100)Use the Decimal class to make sure that all calculations are accurate. It should round the interestthat's calculated to two decimal places, rounding up if the third decimal place is five or greater.• The interest rate that's displayed can have up to 3 decimal places.Assume that the user will enter valid decimal values for the loan amount and interest rate.

Here I have used an infinite loop. Inside the loop, I have taken input from the user and then…

Project 9-1: Interest Calculator Create a program that calculates the interest on a loan. Console Interest Calculator Enter loan amount: Enter interest rate: Loan amount: Interest rate: Interest amount: Continue? (y/n): y Enter loan amount: Enter interest rate: Loan amount: Interest rate: Interest amount: Continue? (y/n): n Bye! 520000 5.375 $520,000.00 5.375% $27,950.00 4944.5 1.3 $4,944.50 1.300% $64.28

Project 9-1: Interest Calculator Create a program that calculates the interest on a loan. Console Interest Calculator Enter loan amount: Enter interest rate: Loan amount: Interest rate: Interest amount: Continue? (y/n): y Enter loan amount: Enter interest rate: Loan amount: Interest rate: Interest amount: Continue? (y/n): n Bye! 520000 5.375 $520,000.00 5.375% $27,950.00 4944.5 1.3 $4,944.50 1.300% $64.28

EBK JAVA PROGRAMMING

9th Edition

ISBN:9781337671385

Author:FARRELL

Publisher:FARRELL

Chapter8: Arrays

Section: Chapter Questions

Problem 5GZ

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Project 9-1: Interest Calculator Create a program that calculates the interest on a loan. Console Interest Calculator Enter loan amount: Enter interest rate: Loan amount: Interest rate: Interest amount: Continue? (y/n): y Loan amount: Interest rate: Interest amount: 520000 5.375 Continue? (y/n): n $520,000.00 5.375% $27,950.00 Enter loan amount: Enter interest rate: 1.3 4944.5 $4,944.50 1.300% $64.28 Bye! Specifications • The formula for calculating the interest amount is: loan_amount (interest rate / 100) Use the Decimal class to make sure that all calculations are accurate. It should round the interest that's calculated to two decimal places, rounding up if the third decimal place is five or greater. • The interest rate that's displayed can have up to 3 decimal places. Assume that the user will enter valid decimal values for the loan amount and interest rate.
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