function calculateCarLoan() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value);
const loanTerm = parseInt(document.getElementById(‘loanTerm’).value);
if (isNaN(loanAmount) || loanAmount <= 0 || isNaN(interestRate) || interestRate <= 0) {
alert("Please enter valid values for loan amount and interest rate.");
return;
}
const monthlyInterestRate = interestRate / 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);
}
