Car Loan Calculator by Monthly Payment

let carLoanSteps = “”; const currencySymbol = “$”, fixedCurrency = “USD”; function calculateCarLoan(){ carLoanSteps=””; 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 positive values for all fields."); return; } const monthlyInterestRate = interestRate / 12; const numberOfPayments = loanTerm * 12; const monthlyPayment = (loanAmount * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments)); document.getElementById("monthlyPayment").value = formatCurrency(monthlyPayment); carLoanSteps += `Inputs:
Loan Amount: ${formatCurrency(loanAmount)}
Interest Rate: ${(interestRate * 100).toFixed(2)}%
Loan Term: ${loanTerm} years

`; carLoanSteps += `Formulas:
Monthly Payment = Loan Amount × Monthly Interest Rate / (1 – (1 + Monthly Interest Rate)^{-Number of Payments})

`; carLoanSteps += `Results:
Estimated Monthly Payment: ${formatCurrency(monthlyPayment)}
`; carLoanSteps += `Tip: Make sure your monthly payment fits your budget comfortably before committing to the loan terms.`; if(document.getElementById(“calculationStepsCarLoan”).style.display===”block”){ document.getElementById(“calculationStepsCarLoan”).innerHTML = carLoanSteps; } } function resetCarLoan(){ document.querySelectorAll(“#carLoanCalculator input”).forEach(el=>el.value=””); carLoanSteps=””; document.getElementById(“calculationStepsCarLoan”).innerHTML=”

Not calculated yet.

“; } function toggleCarLoanSteps(){ const s=document.getElementById(“calculationStepsCarLoan”); const a=document.getElementById(“toggleArrowCarLoan”); if(s.style.display===”none”||s.style.display===””){ s.style.display=”block”;a.style.transform=”rotate(180deg)”; s.innerHTML=carLoanSteps||”

Not calculated yet.

“; }else{s.style.display=”none”;a.style.transform=”rotate(0deg)”;} } function formatCurrency(n){return currencySymbol+n.toFixed(2)+” “+fixedCurrency;}