CIBC Car Payment Calculator
function calculateCarPayment() {
var loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
var interestRate = parseFloat(document.getElementById(“interestRate”).value);
var loanTerm = parseFloat(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;
}
var monthlyInterestRate = interestRate / 100 / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPayment = (loanAmount * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
document.getElementById("monthlyPayment").textContent = monthlyPayment.toFixed(2);
}
