Design and implement a program that will allow us to determine the length of time needed to pay off a credit card balance, as well as the total interest paid. The program must implement the following functions:1. displayWelcome This function should display the welcome message to the user explaining what the program does.2. calculateMinimumPayment This function calculates the minimum payment. It should take balance and interest rate as arguments and return the minimum payment. So the value you display for minimum payment is the value you get from this method. Do not use a literal hardcoded value when you display the minimum payment!3. generatePaymentID: This should be a closure function that generates a new payment id for the payment. The function should remember the previous id and the new generated id should be the old one plus 1. Make the initial id 1.4. processPaymentSchedule This function displays the actual payment schedule. It should take the balance, monthly interest rate and minimum payment as arguments. Use the 1500, 18% and 2% literal values below. Each time you calculate a new payment line, create an object literal with properties for the Year, Balance, Payment Id, and InterestPaid. Pass this object literal to the displayPayment function. The paymentId should be generated by the generatePaymentID function each time. See the sample execution below:This program will determine the time to pay off a credit card and the interest paid based on the current balance, the interest rate, and the monthly payments made. Balance on your credit card: 1500 Interest Rate: 18 Assuming a minimum payment of 2% of the balance ($30 min) Your minimum payment would be $ 30.00PAYOFF SCHEDULEYear Balance Payment Num Interest Paid1 1,492.50 1 22.501,484.89 2 44.891,477.16 3 67.161,469.32 4 89.32. . .. . .7 517.51 73 1,207.51495.28 74 1,215.28472.70 75 1,222.70449.79 76 1,229.79. . .. . .8 227.51 85 1,277.51200.92 86 1,280.92173.94 87 1,283.94146.55 88 1,286.55118.74 89 1,288.7490.53 90 1,290.5361.88 91 1,291.8832.81 92 1,292.813.30 93 1,293.300.00 94 1,293.35 displayPayment This function should take the payment object literal and display it on the console. See the output example in part 4.