Chapter 2, Problem 9P

Economic formulas are available to compute annual payments for loans. Suppose that youborrow an amount of money P and agree to repay it in n annual payments at an interest rate of i. The formula to compute the annual payment A is

$A=P\frac{i{\left(1+i\right)}^n}{{\left(1+i\right)}^n-1}$

Write a program to compute A. Test it with $P=\$55,000$ and an interest rate of $6.6\%\left(i=0.066\right)$. Compute results for $n=1,2,3,4$, and 5 and display the results as a table with headings and columns for n and A.