Draw a flowchart, hierarchy chart, and pseudocode for a program to solve the following problem: A student borrows $3,000 at an interest rate of 2 percent per month on the unpaid balance. If the student pays $200 at the end of each month, what is the remaining balance at the end of one year? How much interest has the student paid for the year?
Output. Output consists of a screen display showing the balance each month, remaining balance at the end of one year, and the total interest the student has paid for the year.
Input. There is no input for this program.
Processing. Use a counter-controlled loop. The mathematics involved is as follows. The interest for the first two month is 2 percent of the balance ($3,000 * .02 = $60). Since $200 is paid each month, the balance after the first payment is $3,000 + $60 - $200 = $2,860. The interest for the second month is the balance $2,860 *.02 = $57.20. Since $200 is paid this month also, the balance after the second payment is $2,860 + $57.20 - $200 = $2,717.20. You will need to do this 12 times: once for each month of the year.