Credit Card Payoff Calculator Key programming concepts: variables, input, fprintf, basicmath Approximate lines of code: 13 (does not include comments, whitespace, or any of the code template) Commands you can’t use: N/A Program Inputs • Balanced Owed: – User will always enter a positive numericvalue • APR Interest Rate (%): – User will always enter a positivenumeric value • Expected Monthly Payment: – User will always enter a positivenumeric value Program Outputs • Repayment Table: Option Payment Months Payoff XXX XXX XXXXXX – Create a table that shows the total money needed to payoff thecredit card for various options. Replace each XXX with theappropriate value. Use exactly 2 decimal places for all moneyvalues; also months should be rounded to the next highest wholemonth. Assignment Details Your task is to recreate a popular onlinecredit card payoff calculator! Given some initial information fromthe user, determine how quickly the user can repay his/her debt.Here is the app to base your code around: Figure 1:https://www.creditkarma.com/calculators/debtrepayment-to There are several key ideas to consider! First, the credit cardinterest rate is given as the APR (Annual Percentage Rate). Thisnumber is useful for comparing credit cards but doesn’t take intoaccount compound interest that the credit card companies charge.This APR rate must be adjusted using the effective interest rateformula: adjusted rate = (1 + rate 100 ∗ 365 ) 30.4167 − 1 After adjusting the interest rate, we need the annuity paymentformula to calculate different payment options: payment = adjusted rate ∗ balance 1 − (1 + adjusted rate)−months Finally, the payoff is calculated from the months found(including any fraction of the month): payoff = payment ∗ months Using the formulas above, create a table that describes threedifferent payment options. Note that each numeric value should be displayed with 2 decimalplaces. • Option 1 shows the table results based on the user’s expectedmonthly payment • Option 2 shows the same information except if the expectedmonthly payment is doubled • Option 3 shows the monthly payment needed to payoff the creditcard in 3 months Please, note that most credit card apps (including the one fromCredit Karma), display different results due to rounding anddifferent compound interest formulas. Only use the formulas givenhere! Sample Output The following test cases do not cover all possiblescenarios (develop your own!) but should indicate if your code ison the right track. To guarantee full credit, your program’s outputshould exactly match the output below. Test Case 1: Balanced Owed: 1873.47 APR Interest Rate (%):14.49 Expected Monthly Payment: 35 Option Payment Months Payoff 1) $35.00 87 $3044.69 2) $70.00 33 $2279.54 3) $639.72 3 $1919.16 Test Case 2: Balanced Owed: 551.03 APR Interest Rate (%): 17.99 Expected Monthly Payment: 20 Option Payment Months Payoff 1) $20.00 36 $717.83 2) $40.00 16 $622.44 3) $189.25 3 $567.76 Test Case 3: Balanced Owed: 1569.04 APR Interest Rate (%): 16 Expected Monthly Payment: 30 Option Payment Months Payoff 1) $30.00 91 $2723.58 2) $60.00 33 $1945.41 3) $537.11 3 $1611.34 Test Case 4: Balanced Owed: 1103.52 APR Interest Rate (%): 12.99 Expected Monthly Payment: 15 Option Payment Months Payoff 1) $15.00 149 $2234.43 2) $30.00 48 $1417.22 3) $375.87 3 $1127.62 Test Case 5: Balanced Owed: 2919.83 APR Interest Rate (%): 10.99 Expected Monthly Payment: 50 Option Payment Months Payoff 1) $50.00 85 $4206.86 2) $100.00 35 $3415.86 3) $991.24 3 $2973.71 . . .