Loan Interest Calculator UAE
function calculateLoanInterest() {
var loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
var interestRate = parseFloat(document.getElementById(‘interestRate’).value);
var loanTerm = parseInt(document.getElementById(‘loanTerm’).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm)) {
alert(‘Please enter valid values for all fields.’);
return;
}
var monthlyInterestRate = interestRate / 100 / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPayment = (loanAmount * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
var totalPayment = monthlyPayment * numberOfPayments;
var totalInterest = totalPayment – loanAmount;
document.getElementById(‘monthlyPayment’).value = monthlyPayment.toFixed(2);
document.getElementById(‘totalPayment’).value = totalPayment.toFixed(2);
document.getElementById(‘totalInterest’).value = totalInterest.toFixed(2);
}
