Cheap Loans UK Calculator
Loan Details
Monthly Payment: £0.00
Total Interest: £0.00
Total Payment: £0.00
function calculateLoan() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100 / 12;
const loanTerm = parseInt(document.getElementById(‘loanTerm’).value) * 12;
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm)) {
alert(‘Please enter valid numbers 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 = monthlyPayment.toFixed(2);
document.getElementById(‘totalInterest’).textContent = totalInterest.toFixed(2);
document.getElementById(‘totalPayment’).textContent = totalPayment.toFixed(2);
}
