Auto Loan Calculator – 66 Months
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) || loanAmount <= 0 || interestRate <= 0) {
alert("Please enter valid positive numbers.");
return;
}
const monthlyInterestRate = interestRate / 12;
const monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTerm)) / (Math.pow(1 + monthlyInterestRate, loanTerm) – 1);
document.getElementById('monthlyPayment').value = monthlyPayment.toFixed(2);
const calculationSteps = `
Inputs:
Loan Amount: $${loanAmount.toFixed(2)}
Interest Rate: ${(interestRate * 100).toFixed(2)}%
Loan Term: ${loanTerm} months
Formula:
Monthly Payment = Loan Amount × [Monthly Interest Rate × (1 + Monthly Interest Rate) ^ Term] / [(1 + Monthly Interest Rate) ^ Term – 1]
Results:
Monthly Payment: $${monthlyPayment.toFixed(2)}
`;
document.getElementById(‘steps’).innerHTML = calculationSteps;
document.getElementById(‘loanCalculationSteps’).style.display = ‘block’;
}
