Create an application in Java that calculates the amount of interest for a loan amount. Console Welcome to the Interest Calculator Enter loan amount: 520000 Enter interest rate: .05375 Loan amount: $520,000.00 Interest rate: 5.375% Interest: $27,950.00 Continue? (y/n): y Enter loan amount: 4944.5 Enter interest rate: .01 Loan amount: $4,944.50 Interest rate: 1% Interest: $49.45 Continue? (y/n): n Specifications This application should use the BigDecimal class to make sure that all calculations are accurate. It should round the interest that's calculated to two decimal places, rounding up if the third decimal place is five or greater. The application should format currencies to allow for up to 2 decimal places and percentages to allow for up to 3 decimal places. Assume that the user will enter valid double values for the loan amount and interest rate. The application should continue only if the user enters 'y' or 'Y' to the question to continue
Create an application in Java that calculates the amount of interest for a loan amount.
Console
Welcome to the Interest Calculator
Enter loan amount: 520000
Enter interest rate: .05375
Loan amount: $520,000.00
Interest rate: 5.375%
Interest: $27,950.00
Continue? (y/n): y
Enter loan amount: 4944.5
Enter interest rate: .01
Loan amount: $4,944.50
Interest rate: 1%
Interest: $49.45
Continue? (y/n): n
Specifications
This application should use the BigDecimal class to make sure that all calculations are accurate. It should round the interest that's calculated to two decimal places, rounding up if the third decimal place is five or greater.
The application should format currencies to allow for up to 2 decimal places and percentages to allow for up to 3 decimal places.
Assume that the user will enter valid double values for the loan amount and interest rate.
The application should continue only if the user enters 'y' or 'Y' to the question to continue.
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