Bi-Weekly Auto Loan Amortization Calculator
let calculationSteps = “”;
const currencySymbol = “$”, fixedCurrency = “USD”;
function calculateBiWeekly(){
calculationSteps = “”;
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 * 26; // Bi-weekly payments
const biWeeklyInterestRate = interestRate / 26;
const biWeeklyPayment = loanAmount * biWeeklyInterestRate / (1 – Math.pow(1 + biWeeklyInterestRate, -numberOfPayments));
const totalPayment = biWeeklyPayment * numberOfPayments;
const totalInterest = totalPayment – loanAmount;
document.getElementById("biWeeklyPayment").value = formatCurrency(biWeeklyPayment);
document.getElementById("totalPayment").value = formatCurrency(totalPayment);
document.getElementById("totalInterest").value = formatCurrency(totalInterest);
calculationSteps += `
Inputs:Loan Amount: ${formatCurrency(loanAmount)}
Interest Rate: ${(interestRate * 100).toFixed(2)}%
Loan Term: ${loanTerm} years
`;
calculationSteps += `
Formulas:Bi-Weekly Payment = Loan Amount × (Interest Rate / 26) / (1 – (1 + (Interest Rate / 26))^(-Number of Payments))
Total Payment = Bi-Weekly Payment × Number of Payments
Total Interest = Total Payment – Loan Amount
`;
calculationSteps += `
Results:Bi-Weekly Payment: ${formatCurrency(biWeeklyPayment)}
Total Payment: ${formatCurrency(totalPayment)}
Total Interest: ${formatCurrency(totalInterest)}
`;
if(document.getElementById(“calculationSteps”).style.display === “block”){
document.getElementById(“calculationSteps”).innerHTML = calculationSteps;
}
}
function resetBiWeekly(){
document.querySelectorAll(“#calculator input”).forEach(el => el.value = “”);
calculationSteps = “”;
document.getElementById(“calculationSteps”).innerHTML = “
Not calculated yet.
“;
}
function toggleCalculationSteps(){
