Choose one of the three following programs to do as your firstprogram. You need to turn in a flowchart and program documentationwith the .cpp program (this can be done within the program) and acopy of your output.
The Program I chose is :
#19. Monthly Payments
The monthly payment on a loan may be calculated by the followingformula:
Payment= Rate × (1+Rate)N (1+Rate)N−1×L
Rate is the monthly interest rate, which is the annual interestrate divided by 12. (12 percent annual interest would be 1 percentmonthly interest.) N is the number of payments, and L is the amountof the loan. Write a program that asks for these values thendisplays a report similar to:
Loan Amount:$10000.00
Monthly Interest Rate: 1%
Number of Payments: 36
Monthly Payment:$ 332.14
Amount Paid Back:$ 11957.15
Interest Paid:$ 1957.15
