When you borrow money to buy a house or a car, the loan is paid off with a sequence of equal monthly payments incorporating a stated annual interest rate compounded monthly.The amount borrowed is called princible. If the annual interest rate is 6% (or .06), then the monthly interest rate is .06/12 = .005. At any time, the balance of the loan is the amount still owed. The balance at the end of each month is calculated as the balance at the end of the previouse month, plus the interest due on that balance, and minus the monthly payment. For instance, with an annual interest rate of 6%,
[new balance] = [ previous balance] + .005 * [previous balance] - [monthly payment]
= 1.005 * [previous balance] - [monthly payment].
Suppose you borrow $15,000 to buy a new car at 6% interest compunded monthly and your monthly payment is $290.00. After how many months will the car be half paid off? That is, after how many months will the balance be less than half the princible? Write a program in VB using repetition's such as a do loop that will display the results when a button is clicked.