Auto Loan 72 Month Calculator
Calculate your monthly payments for a 72-month auto loan.
Calculation Steps
Formula: Monthly Payment = [P x r x (1 + r)^n] / [(1 + r)^n – 1]
P = Loan Amount
r = Monthly Interest Rate (Annual Rate / 12)
n = Loan Term in Months
function calculateMonthlyPayment() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const annualInterestRate = parseFloat(document.getElementById(“interestRate”).value);
const loanTerm = parseInt(document.getElementById(“loanTerm”).value);
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTerm) || loanAmount <= 0 || annualInterestRate <= 0 || loanTerm <= 0) {
alert("Please enter valid positive values.");
return;
}
const monthlyInterestRate = (annualInterestRate / 100) / 12;
const numerator = monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTerm);
const denominator = Math.pow(1 + monthlyInterestRate, loanTerm) – 1;
const monthlyPayment = loanAmount * numerator / denominator;
document.getElementById("monthlyPayment").value = monthlyPayment.toFixed(2);
document.getElementById("calculationSteps").style.display = "block";
}
function resetForm() {
document.getElementById("autoLoanCalculatorForm").reset();
document.getElementById("monthlyPayment").value = '';
document.getElementById("calculationSteps").style.display = "none";
}
