Comparison of Loan Rates:
| Rate (%) |
Monthly Payment ($) |
Total Interest Paid ($) |
function calculateMonthlyPayment() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100 / 12;
const loanTerm = parseInt(document.getElementById(‘loanTerm’).value) * 12;
if (!loanAmount || !interestRate || !loanTerm) {
alert(‘Please enter valid values.’);
return;
}
const monthlyPayment = (loanAmount * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm));
const totalInterest = (monthlyPayment * loanTerm) – loanAmount;
document.getElementById(‘monthlyPayment’).value = monthlyPayment.toFixed(2);
updateComparisonResults(interestRate * 12 * 100, monthlyPayment.toFixed(2), totalInterest.toFixed(2));
}
function updateComparisonResults(rate, monthlyPayment, totalInterest) {
const comparisonTable = document.getElementById(‘comparisonResults’);
const newRow = document.createElement(‘tr’);
newRow.innerHTML = `
${rate}% |
${monthlyPayment} |
${totalInterest} |
`;
comparisonTable.appendChild(newRow);
}
