Automobile Loan Calculator with Interest
Calculate your automobile loan payments, including the interest.
function calculateAutoLoan() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100;
const loanTerm = parseInt(document.getElementById(“loanTerm”).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm <= 0) {
alert("Please enter valid values for all fields.");
return;
}
const monthlyInterestRate = interestRate / 12;
const numberOfPayments = loanTerm * 12;
const monthlyPayment = (loanAmount * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
const totalPayment = monthlyPayment * numberOfPayments;
const totalInterest = totalPayment – loanAmount;
document.getElementById("monthlyPayment").value = monthlyPayment.toFixed(2);
document.getElementById("totalInterest").value = totalInterest.toFixed(2);
document.getElementById("totalAmount").value = totalPayment.toFixed(2);
document.getElementById("steps").innerHTML = `
Formula:
Monthly Payment = (Loan Amount × Monthly Interest Rate) / (1 – (1 + Monthly Interest Rate)^(-Number of Payments))
Total Interest = Total Payments – Loan Amount
Results:
Monthly Payment: $${monthlyPayment.toFixed(2)}
Total Interest Paid: $${totalInterest.toFixed(2)}
Total Loan Amount: $${totalPayment.toFixed(2)}
`;
document.getElementById(“calculationSteps”).style.display = “block”;
}
function resetAutoLoan() {
document.getElementById(“auto-loan-calculator”).reset();
document.getElementById(“calculationSteps”).style.display = “none”;
}
