ABSA Loan Calculator
Calculate your potential monthly payment for an ABSA loan in Zambia.
let loanSteps = “”;
const currencySymbol = “ZMW”, fixedCurrency = “ZMW”;
function calculateLoan(){
loanSteps=””;
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const loanTerm = parseInt(document.getElementById(“loanTerm”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value)/100;
if(isNaN(loanAmount) || isNaN(loanTerm) || isNaN(interestRate) || loanAmount <= 0 || loanTerm <= 0 || interestRate <= 0){
alert("Please enter valid positive values for all fields.");
return;
}
const monthlyRate = interestRate / 12;
const numberOfPayments = loanTerm * 12;
const monthlyPayment = (loanAmount * monthlyRate) / (1 – Math.pow(1 + monthlyRate, -numberOfPayments));
document.getElementById("monthlyPayment").value = formatCurrency(monthlyPayment);
loanSteps += `
Inputs:Loan Amount: ${formatCurrency(loanAmount)}
Loan Term: ${loanTerm} years
Annual Interest Rate: ${(interestRate * 100).toFixed(1)}%
`;
loanSteps += `
Formulas:Monthly Payment = Loan Amount × Monthly Rate / (1 – (1 + Monthly Rate)^-Number of Payments)
`;
loanSteps += `
Results:Estimated Monthly Payment: ${formatCurrency(monthlyPayment)}
`;
if(document.getElementById(“calculationStepsLoan”).sty
