Best Loan Calculator
function calculateBestLoan() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100;
const 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;
}
const numberOfPayments = loanTerm * 12;
const monthlyInterestRate = interestRate / 12;
const monthlyPayment = loanAmount * monthlyInterestRate / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
document.getElementById('monthlyPayment').value = monthlyPayment.toFixed(2);
}
