Loan Amount ($):
Interest Rate (%):
Loan Term (years):
Calculate
Loan Comparison Results
Monthly Payment: $0.00
Total Payment: $0.00
Total Interest: $0.00
function calculateCarLoan() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100 / 12;
const loanTerm = parseFloat(document.getElementById(‘loanTerm’).value) * 12;
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm <= 0) {
alert("Please enter valid values for all fields.");
return;
}
const monthlyPayment = (loanAmount * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm));
const totalPayment = monthlyPayment * loanTerm;
const totalInterest = totalPayment – loanAmount;
document.getElementById('monthlyPayment').textContent = `Monthly Payment: $${monthlyPayment.toFixed(2)}`;
document.getElementById('totalPayment').textContent = `Total Payment: $${totalPayment.toFixed(2)}`;
document.getElementById('totalInterest').textContent = `Total Interest: $${totalInterest.toFixed(2)}`;
}
