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# (Solved): REQUIREMENT You are required to design a program that allows user to see several options of ...

REQUIREMENT You are required to design a program that allows user to see several options of interest rates and their respective monthly payments. The program must be able to prompt for a loan amount and its period in number of years. Then it displays the monthly and total payments for each interest rate starting from 2.50% to 8.50%, with an increment of 0.5 . Calculation must be done using the following formula: P=A∗r1−1+r−N where, P= Monthly Payment A= Loan Amount r= Rate of Interest (r=( annual interest rate / 100) / 12) N= Number of Payments (N= number of years ⋆12) Total Payment =P×N For example, if you enter the loan amount 10,000 for seven years, it will display a table as follows: Based on the above programming problem: i. Analyse the problem to identify required items to be used in designing algorithm ii. Write an algorithm in a pseudo code iii. Draw a flowchart based on the pseudo code iv. Produce a tracing table to show the projected values Note: Youarenotrequiredtowriteprogramming codes for thisassignment.

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