With the information below you are to write a Java program that computes monthly payments to pay back your college debt

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With the information below you are to write a Java program thatcomputes monthly payments to pay back your college debt or anydebt. The user should be allowed to enter the amount ofthe debt, a number of periods to pay off the debt (normally inmonths), and the interest rate. Also, print the totalinterest paid. You will also need to print an amortization tablefor the information needed in a nice tabular form.
Evaluating the Amortization FormulaCalculate the monthly payment required to pay off your college loandebt with the formula: CD/((1-1/Math.pow((1+interest/12),n))/(i/12)), where CD is your college debtbalance, i is your annual interest rateand n is the number of periods in which you wantto pay off your college debt. If you owe $10,000 with a 19.5percent interest rate and you wish to pay it off in 3 years, 36periods, the required monthly payment would be =$369.09. Exploring Total InterestCalculate the total interest you will pay over the period it willtake you to pay off the debt by using: (Payment * n ) - CD,where Payment is the monthly payment required topay off the debt, n is the number of months inwhich you want to repay the debt and CD is yourcurrent college debt balance. Paying off a $10,000 college debt at19.5 percent interest with a monthly payment of $369.09 over 3years would result in total interest of ($369.09 * 36) - $10,000 =$3,287.24.Working With the Amortization TableYou will also need to create a well formatted an amortization tableto track your college debt as you make regular payments everymonth. Start at month(0) with your current college debt balance.For month(1) your interest charge will be Interest(1) = i / 12 *CD(0), where i equals your college debt annualinterest rate and CD(0) is your current college debtbalance. Your college debt principal repaid will be Principal(1) =Payment - Interest(1), and your new college debt balance inmonth(1) will be CD(1) = CD(0) – Principal(1). A $10,000 collegedebt balance at 19.5 percent interest will generate an interestcharge of 0.195 / 12 * $10,000 = $162.50. Principal repaid willequal $369.09 - $162.50 = $206.59. Your new college debt balancewill be $10,000 - $206.59 = $9,793.41. Repeat these steps for eachmonth thereafter. (Using a tab, \t, in the print statementswill likely help with the formatting.)