You have just purchased a stereo system that cost $1000.00 on the following credit plan: no down payment, an interest rate of 18% per year, and monthly payments of $50. The monthly payment of $50 is used to pay the interest, and whatever is left is used to pay part of the remaining debt. Hence, the first month you pay 1.5% of $1000.00 in interest. That is $15.00 in interest. The remaining $35 is deducted from your debt, which leaves you with $965.00. The next month you pay interest of 1.5% of $965.00, which is $14.48. Hence, you can deduct $35.52 from the amount you owe. Required:
Write a program that will tell you how many months it will take youto pay off the loan, as well as the total amount of interest paidover the life of the loan. Use a loop to calculate the amount ofinterest and the size of the debt after each month.