Monthly Payment: $0.00
Total Payment: $0.00
Total Interest: $0.00
function calculateCarLoan() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const loanTerm = parseFloat(document.getElementById(“loanTerm”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value);
const downPayment = parseFloat(document.getElementById(“downPayment”).value);
if (isNaN(loanAmount) || isNaN(loanTerm) || isNaN(interestRate) || isNaN(downPayment)) {
alert(“Please fill in all fields with valid values.”);
return;
}
const principal = loanAmount – downPayment;
const monthlyRate = (interestRate / 100) / 12;
const numberOfPayments = loanTerm * 12;
const monthlyPayment = (principal * monthlyRate) / (1 – Math.pow(1 + monthlyRate, -numberOfPayments));
const totalPayment = monthlyPayment * numberOfPayments;
const totalInterest = totalPayment – principal;
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);
}
