Car Loan Rates Canada Calculator
Loan Summary
Monthly Payment:
Total Payment Over Loan Term:
Total Interest:
function calculateCarLoan() {
var loanAmount = parseFloat(document.getElementById(“carLoanAmount”).value);
var interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12;
var loanTerm = parseInt(document.getElementById(“loanTerm”).value) * 12;
var downPayment = parseFloat(document.getElementById(“downPayment”).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(downPayment)) {
alert(“Please enter valid values for all fields.”);
return;
}
var loanAmountAfterDownPayment = loanAmount – downPayment;
var monthlyPayment = (loanAmountAfterDownPayment * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm));
var totalPayment = monthlyPayment * loanTerm;
var totalInterest = totalPayment – loanAmountAfterDownPayment;
document.getElementById(“monthlyPayment”).innerText = “$” + monthlyPayment.toFixed(2);
document.getElementById(“totalPayment”).innerText = “$” + totalPayment.toFixed(2);
document.getElementById(“totalInterest”).innerText = “$” + totalInterest.toFixed(2);
document.getElementById(“loanResult”).style.display = “block”;
}
