I just want you to do the second part only using java class, but i have attached the answer for assignment 1. Assignment 1 questionLoan Account Class: Create class LoanAccount. Use a static variable annualInterestRate to store the annual interest rate for all account holders. Each object of the class contains a private instance variable principal indicating the amount the person is borrowing. Provide method: public double calculateMonthlyPayment(int numberOfPayments) to calculate the monthly payment by using the following formula:double monthlyPayment = principal * ( monthlyInterest / (1 - Math.pow(1 + monthlyInterest, -numberOfPayments)));wheremonthly interest = annualInterestRate/12.Provide a static method setAnnualInterestRate that sets the annualInterestRate to a new value. Set the initial loan amount (Principal) for a new loan through the constructor.Write a program to test class LoanAccount. Instantiate two LoanAccount objects, loan1 and loan2, with principal loan amounts of $5000.00 and $31000.00, respectively. Set annualInterestRate to 1%, then calculate the monthly payment for each loan for 36 months, 60 months, and 72 months and print the monthly payment amounts for both loans. Next, set the annualInterestRate to 5%, and output the same information again. Make sure your dollar amounts are displayed to two decimal places.Second PartCreate Loan Account Hierarchy consisting of the following classes: LoanAccount, CarLoan, PrimaryMortgage , UnsecuredLoan, and Address. Each class should be in it's own .java file.The LoanAccount class consists of the following properties:principal- the original amount of the loan.annualInterestRate - the annual interest rate for the loan. It is not static as each loan can have it's own interest rate.months - the number of months in the term of the loan, i.e. the length of the loan.and the following methods:a constructor that takes the three properties as parameters.calculateMonthlyPayment() - takes no parameters and calculates the monthly payment using the same formula as Assignment 1.getters for the three property variables.toString() - displays the information about the principle, annualInterestRate, and months as shown in the example output below. The CarLoan class which is a subclass of the LoanAccount class and consists of the following property:vehicleVIN - the VIN number of the car, as a string.and the following methods:constructor that accepts the three parameters of the LoanAccount class and the vehicleVIN.toString() - displays the information about the VIN number as shown in the example output below. The PrimaryMortgage class which is a subclass of LoanAccount and consists of the following properties:PMIMonthlyAmount - the amount of the Primary Mortgage Insurance which is required for all mortgages where the down payment is not at least 20% of the home value.Address - the address of the real estate and is an object of the Address class.and the following methods:constructor that accepts the three parameters of the LoanAccount class, the PMIMonthlyAmount, and the Address object containing the address.toString() - displays the information about the PMIMonthlyAmount and Address as shown in the example output below. The UnsecuredLoan class which is a subclass of LoanAccount and has no additional properties and has the following methods:constructor that accepts the three parameters of the LoanAccount class.toString() - displays the information that it is an Unsecured Loan as shown in the example output below. The Address class which consists of the following properties:street - the house number and street part of the address.city - the city where it is located.state - the state.zipcode - and the zipcode.and the following methods:constructor which accepts the values for the four properties as parameters.getters for each property.toString() - display the address information as shown in the example below. Your code in the subclasses should call methods in the super classes whenever possible to reduce the amount of code in the subclasses and utilize the code already developed in the super classes. Use the following code in your main function to test your classes, just copy and paste it into your main method: // Create three different loan objects, one of each type. CarLoan carLoan = new CarLoan(25000.00, 4.25, 72, "IRQ3458977"); Address propertyAddress = new Address("321 Main Street", "State College", "PA", "16801"); PrimaryMortgage propertyLoan = new PrimaryMortgage(250000.00, 3.1, 360, 35.12, propertyAddress); UnsecuredLoan unsecuredLoan = new UnsecuredLoan(5000.00, 10.75, 48); //Print out the load information for each loan using the toString() method. System.out.format("%n%s%s%s%n", carLoan, propertyLoan, unsecuredLoan); public class LoanAccount !// properties// private instance variable principalprivate double principal;// static variable "annualInterestRate"private static double annualInterestRate:// constructorpublic LoanAccount double Principle) {principal Principle:}// method called calculateMonthly Paymentpublic double calculateMonthlyPayment(int numberOfFavmenta) {double monthlvinterest = annualIntexestRate / 12:double monthlyPayment principal(monthlvinterest / (1 -Math Bowl + monthlvintexeat, -numberofRaymEnRR) ) );return monthlyFavmentonthlyPayment:}// a static method getAnnualInterestRatepublic static void setAnnualInterestRate/double AnnualIntexestRate){annualInterestRate = AnnualInterestRate:}public static void main(String[] args) {// principal loan amounts of $5000.00 and $31000.00double principlelAmount = 5000, principle2Amount = 31000:// Instantiate two loan objectsLoanAccount loan1 = new LoanAccount (principlelAmount:LoanAccount loan2 = new LoanAccount (principle2Amount);// display results.Skatem:QUE Brint("Monthly payments for loanl of $%.2f and loan2$%.2f for 3, 5, and 6 year loans at 1 §§ intexeståe",principlelAmount, principle2Amount);// Set annualIntexestRate to 1%,setAnnualIntereatBate(0.01);Skatem.out.println("Loan 3 years 5 years 6 years");Z// calculate the monthly payment for each loan for 36 months, 60months, and 72 months and print the monthly payment amounts for bothloans.Svatem.out.printf("Loan.2f $.2f $.2f%n",loanl.calculateMonthlyPayment (312),loanl.calculateMonthlyPayment (5 * 12),loanl.calculateMonthlyPayment (6 * 12)Svatem.out.printf("Loan2.2f $.2f $.2f
",loan2.calculateMonthlyPayment (3 * 12),loan2.calculateMonthlyPayment (5 * 12),loan2.calculateMonthlyPayment (6 * 12))Svatem. Que printf("%ņMonthly payments for loanl of $%.2f and loan2$%.2f for 3, 5, and 6 year loans at 5 ## interestin",principlelAmount, principle2Amount);// set the annual InterestRate to 5%setannualInterestRate (0.05);Skatem.out.println("Loan 3 years 5 years 6 years":Svatem.out.printf("Loan1 .2f$.2f $.2f%n",loanl.calculateMonthlyPayment (312),loanl.calculateMonthlyPayment (5 * 12),loanl.calculateMonthlyPayment (6 * 12));Skatem.out.printf("Loan2 .2f $.2f $.2f%n",loan2.calculateMonthlyPayment (312),loan2.calculateMonthlyPayment (5 * 12),loan2.calculateMonthlyPayment (612)(Ctrl) The output from your program should look like the following:run:Car Loan with:Principal: $25000.00Annual Interest Rate: 4.25%Term of Loan in Months: 72Monthly Payment: $393.98Vehicle VIN: IRQ3458977Primary Mortgage Loan with:Principal: $250000.00Annual Interest Rate: 3.10%Term of Loan in Months: 360Monthly Payment: $1067.54PMI Monthly Amount: $35.12Property Address:321 Main StreetState College, PA 16801Unsecured Loan with:Principal: $5000.00Annual Interest Rate: 10.75%Term of Loan in Months: 48Monthly Payment: $128.62

Question

I just want you to do the second part only using java class, but i have attached the answer for assignment 1. Assignment 1 questionLoan Account Class: Create class LoanAccount. Use a static variable annualInterestRate to store the annual interest rate for all account holders. Each object of the class contains a private instance variable principal indicating the amount the person is borrowing. Provide method: public double calculateMonthlyPayment(int numberOfPayments) to calculate the monthly payment by using the following formula:double monthlyPayment = principal * ( monthlyInterest / (1 - Math.pow(1 + monthlyInterest, -numberOfPayments)));wheremonthly interest = annualInterestRate/12.Provide a static method setAnnualInterestRate that sets the annualInterestRate to a new value.  Set the initial loan amount (Principal) for a new loan through the constructor.Write a program to test class LoanAccount. Instantiate two LoanAccount objects, loan1 and loan2, with principal loan amounts of $5000.00 and $31000.00, respectively. Set annualInterestRate to 1%, then calculate the monthly payment for each loan for 36 months, 60 months, and 72 months and print the monthly payment amounts for both loans. Next, set the annualInterestRate to 5%, and output the same information again.  Make sure your dollar amounts are displayed to two decimal places.Second PartCreate Loan Account Hierarchy consisting of the following classes: LoanAccount, CarLoan, PrimaryMortgage , UnsecuredLoan, and Address. Each class should be in it's own .java file.The LoanAccount class consists of the following properties:principal- the original amount of the loan.annualInterestRate - the annual interest rate for the loan. It is not static as each loan can have it's own interest rate.months - the number of months in the term of the loan, i.e. the length of the loan.and the following methods:a constructor that takes the three properties as parameters.calculateMonthlyPayment() - takes no parameters and calculates the monthly payment using the same formula as Assignment 1.getters for the three property variables.toString() - displays the information about the principle, annualInterestRate, and months as shown in the example output below. The CarLoan class which is a subclass of the LoanAccount class and consists of the following property:vehicleVIN - the VIN number of the car, as a string.and the following methods:constructor that accepts the three parameters of the LoanAccount class and the vehicleVIN.toString() - displays the information about the VIN number as shown in the example output below. The PrimaryMortgage class which is a subclass of LoanAccount and consists of the following properties:PMIMonthlyAmount - the amount of the Primary Mortgage Insurance which is required for all mortgages where the down payment is not at least 20% of the home value.Address - the address of the real estate and is an object of the Address class.and the following methods:constructor that accepts the three parameters of the LoanAccount class, the PMIMonthlyAmount, and the Address object containing the address.toString() - displays the information about the PMIMonthlyAmount and Address as shown in the example output below. The UnsecuredLoan class which is a subclass of LoanAccount and has no additional properties and has the following methods:constructor that accepts the three parameters of the LoanAccount class.toString() - displays the information that it is an Unsecured Loan as shown in the example output below. The Address class which consists of the following properties:street - the house number and street part of the address.city - the city where it is located.state - the state.zipcode - and the zipcode.and the following methods:constructor which accepts the values for the four properties as parameters.getters for each property.toString() - display the address information as shown in the example below. Your code in the subclasses should call methods in the super classes whenever possible to reduce the amount of code in the subclasses and utilize the code already developed in the super classes. Use the following code in your main function to test your classes, just copy and paste it into your main method:        // Create three different loan objects, one of each type.        CarLoan carLoan = new CarLoan(25000.00, 4.25, 72, &#34;IRQ3458977&#34;);                Address propertyAddress = new Address(&#34;321 Main Street&#34;, &#34;State College&#34;, &#34;PA&#34;, &#34;16801&#34;);        PrimaryMortgage propertyLoan = new PrimaryMortgage(250000.00, 3.1, 360, 35.12, propertyAddress);                UnsecuredLoan unsecuredLoan = new UnsecuredLoan(5000.00, 10.75, 48);                //Print out the load information for each loan using the toString() method.        System.out.format(&#34;%n%s%s%s%n&#34;, carLoan, propertyLoan, unsecuredLoan); public class LoanAccount !// properties// private instance variable principalprivate double principal;// static variable &#34;annualInterestRate&#34;private static double annualInterestRate:// constructorpublic LoanAccount double Principle) {principal Principle:}// method called calculateMonthly Paymentpublic double calculateMonthlyPayment(int numberOfFavmenta) {double monthlvinterest = annualIntexestRate / 12:double monthlyPayment principal(monthlvinterest / (1 -Math Bowl + monthlvintexeat, -numberofRaymEnRR) ) );return monthlyFavmentonthlyPayment:}// a static method getAnnualInterestRatepublic static void setAnnualInterestRate/double AnnualIntexestRate){annualInterestRate = AnnualInterestRate:}public static void main(String[] args) {// principal loan amounts of $5000.00 and $31000.00double principlelAmount = 5000, principle2Amount = 31000:// Instantiate two loan objectsLoanAccount loan1 = new LoanAccount (principlelAmount:LoanAccount loan2 = new LoanAccount (principle2Amount);// display results.Skatem:QUE Brint(&#34;Monthly payments for loanl of $%.2f and loan2$%.2f for 3, 5, and 6 year loans at 1 §§ intexeståe&#34;,principlelAmount, principle2Amount);// Set annualIntexestRate to 1%,setAnnualIntereatBate(0.01);Skatem.out.println(&#34;Loan 3 years 5 years 6 years&#34;);Z// calculate the monthly payment for each loan for 36 months, 60months, and 72 months and print the monthly payment amounts for bothloans.Svatem.out.printf(&#34;Loan.2f $.2f $.2f%n&#34;,loanl.calculateMonthlyPayment (312),loanl.calculateMonthlyPayment (5 * 12),loanl.calculateMonthlyPayment (6 * 12)Svatem.out.printf(&#34;Loan2.2f $.2f $.2f
&#34;,loan2.calculateMonthlyPayment (3 * 12),loan2.calculateMonthlyPayment (5 * 12),loan2.calculateMonthlyPayment (6 * 12))Svatem. Que printf(&#34;%ņMonthly payments for loanl of $%.2f and loan2$%.2f for 3, 5, and 6 year loans at 5 ## interestin&#34;,principlelAmount, principle2Amount);// set the annual InterestRate to 5%setannualInterestRate (0.05);Skatem.out.println(&#34;Loan 3 years 5 years 6 years&#34;:Svatem.out.printf(&#34;Loan1 .2f$.2f $.2f%n&#34;,loanl.calculateMonthlyPayment (312),loanl.calculateMonthlyPayment (5 * 12),loanl.calculateMonthlyPayment (6 * 12));Skatem.out.printf(&#34;Loan2 .2f $.2f $.2f%n&#34;,loan2.calculateMonthlyPayment (312),loan2.calculateMonthlyPayment (5 * 12),loan2.calculateMonthlyPayment (612)(Ctrl) The output from your program should look like the following:run:Car Loan with:Principal: $25000.00Annual Interest Rate: 4.25%Term of Loan in Months: 72Monthly Payment: $393.98Vehicle VIN: IRQ3458977Primary Mortgage Loan with:Principal: $250000.00Annual Interest Rate: 3.10%Term of Loan in Months: 360Monthly Payment: $1067.54PMI Monthly Amount: $35.12Property Address:321 Main StreetState College, PA 16801Unsecured Loan with:Principal: $5000.00Annual Interest Rate: 10.75%Term of Loan in Months: 48Monthly Payment: $128.62

Accepted Answer

Solution::
 
Assignment 1:
 
public class LoanAccount {
        
        // properties…