Answer to Question #4807 in C++ for sathi

Problem Statement: You are required to write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 3.50% to 8.00%, with an increment of 0.25. If you enter the loan amount 5,000 for five years, it will display a table as follows:

Loan Amount: 5000
Number of Years: 5

Interest Rate Monthly Payment Total Payment

3.5% 146.51 5274.37
3.75% 147.06 5294.32
4.0% 147.61 5314.31
…
7.75% 156.1 5619.8
8.0% 156.68 5640.54


What is the main purpose of developing this program? Elaborate your steps to solve the problem and determine the input, process and output for the program. Finally write a pseudo-code and draw a flowchart to solve this problem.