Absa Personal Loan Calculator South Africa

let loanSteps = “”; const currencySymbol = “ZAR”, fixedCurrency = “ZAR”; function calculateLoan(){ loanSteps=””; const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const loanTerm = parseFloat(document.getElementById(“loanTerm”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100; if (isNaN(loanAmount) || isNaN(loanTerm) || isNaN(interestRate) || loanAmount <= 0 || loanTerm <= 0) { alert("Please enter valid positive values for all fields."); return; } const monthlyInterestRate = interestRate / 12; const monthlyPayment = (loanAmount * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -loanTerm)); document.getElementById("monthlyPayment").value = formatCurrency(monthlyPayment); loanSteps += `Inputs:
Loan Amount: ${formatCurrency(loanAmount)}
Loan Term: ${loanTerm} months
Interest Rate: ${(interestRate * 100).toFixed(1)}%

`; loanSteps += `Formulas:
Monthly Payment = Loan Amount × Monthly Interest Rate / (1 – (1 + Monthly Interest Rate)^{-Loan Term})

`; loanSteps += `Results:
Estimated Monthly Payment: ${formatCurrency(monthlyPayment)}
`; loanSteps += `Tip: Lowering the loan amount or term will reduce the monthly payment, while lowering the interest rate will save you more over the term.`; if (document.getElementById(“calculationStepsLoan”).style.display === “block”) { document.getElementById(“calculationStepsLoan”).innerHTML = loanSteps; } } function resetLoan(){ document.querySelectorAll(“#calculator input”).forEach(el => el.value = “”); loanSteps = “”; document.getElementById(“calculationStepsLoan”).innerHTML = “

Not calculated yet.

“; } function toggleLoanSteps(){ const s = document.getElementById(“calculationStepsLoan”); const a = document.getElementById(“toggleArrowLoan”); if (s.style.display === “none” || s.style.display === “”) { s.style.display = “block”; a.style.transform = “rotate(180deg)”; s.innerHTML = loanSteps || “

Not calculated yet.

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