Create an application in Java that calculates the amount of interest for a loan amount.
ConsoleWelcome to the Interest CalculatorEnter loan amount: 520000Enter interest rate: .05375Loan amount: $520,000.00Interest rate: 5.375%Interest: $27,950.00Continue? (y/n): yEnter loan amount: 4944.5Enter interest rate: .01Loan amount: $4,944.50Interest rate: 1%Interest: $49.45Continue? (y/n): nSpecificationsThis application should use the BigDecimal class to make sure that all calculations are accurate. It should round the interest that's calculated to two decimal places, rounding up if the third decimal place is five or greater.
The application should format currencies to allow for up to 2 decimal places and percentages to allow for up to 3 decimal places.
Assume that the user will enter valid double values for the loan amount and interest rate.
The application should continue only if the user enters 'y' or 'Y' to the question to continue.
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