Implement this C program by defining a structure for each payment. The structure should have at least three members for the interest, principle and balance separately. And store all the payments in a structure array (the max size of which could be 100). Name this C program as loanCalcStruct. c. Note: . In your answer sheet, for each C program above please attach a screenshot of the output when amount of loan is $2000, interest rate per year is %7.5 and number of payment is 6. . Put the source code of each C program above into your answer sheet Upload the c file of each Cprogram above into the submission folder of iCollege.

#include<stdio.h>

#include<math.h>

void output_amortized(float loan_amount,float intrest_rate,int term_years)

{

  int i,j;                       //Month

  int payments;                   //Number of payments  

  float loanAmount;               //Loan amount

  float anIntRate;               //Yealy interest Rate

  float monIntRate;               //Monthly interest rate

  float monthPayment;           //Monthly payment

  float balance;                   //Balance due

  float monthPrinciple;           //Monthly principle paid

  float monthPaidInt;           //Month interest paid

  balance=loan_amount;

  //Calculations

  //Monthly interest rate

  monIntRate = ((intrest_rate/(100*12)));

  //Monthly payment

  payments=term_years;  

  monthPayment = (loan_amount * monIntRate * (pow(1+monIntRate, payments)/(pow (1+monIntRate, payments)-1)));

  monthPaidInt = balance * monIntRate;

  //Amount paid to principle

  monthPrinciple = monthPayment-monthPaidInt;

  //New balance due

  balance = balance - monthPrinciple;

  printf("\n\nMonthly payment should be :%.2f\n\n",monthPayment);

  printf("============================AMORTIZATION SCHEDUAL==========================\n");

  printf("#\tPayment\t\tIntrest\t\tPrinciple\t\tBalance\n");

  for(i=0;i<payments;i++)

  {

      printf("%d%9c%.2f%9c%.2f%16c%.2f%14c%.2f\n",(i+1),'$',monthPayment,'$',monthPaidInt,'$',monthPrinciple,'$',balance);

      monthPaidInt = balance * monIntRate;

      //Amount paid to principle

      monthPrinciple = monthPayment-monthPaidInt;

      //New balance due

      balance = balance - monthPrinciple;

  }

}

int main()

{

  float principle,rate;

  int termYear;

  printf("Enter the loan amount: $");

  scanf("%f",&principle);

  printf("Enter the intrest rate :%");

  scanf("%f",&rate);

  printf("Enter the loan duration in years: ");

  scanf("%d",&termYear);

  output_amortized(principle,rate,termYear);

}

Explanation:

see output

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explanation: