IN Java You have just purchased a stereo system that cost $1,000 on the following credit plan: no down payment, an inter

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IN Java
You have just purchased a stereo system that cost $1,000 on the
following credit plan: no down payment, an interest rate of 18% per
year (and hence 1.5% per month), 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 $1,000 in interest. That is $15 in interest.
So, the remaining $35 is deducted from your debt, which leaves you
with a debt of $965.00. The next month, you pay interest of 1.5% of
$965.00, which is $14.48. Hence, you can deduct $35.52 (which is
$50 – $14.48) from the amount you owe. Write a program that tells
you how many months it will take you to pay off the loan, as well
as the total amount of interest paid over the life of the loan. Use
a loop to calculate the amount of interest and the size of the debt
after each month. (Your final program need not output the monthly
amount of interest paid and remaining debt, but you may want to
write a preliminary version of the program that does output these
values.) Use a variable to count the number of loop iterations and
hence, the number of months until the debt is zero. You may want to
use other variables as well. The last payment may be less than $50
if the debt is small, but do not forget the interest. If you owe
$50, your monthly payment of $50 will not pay off your debt,
although it will come close. One month’s interest on $50 is only 75
cents.