CommBank Personal Loan Repayment Calculator
Calculation Steps
Formula: Monthly Repayment = [Loan Amount × (Interest Rate / 100) / 12] ÷ [1 – (1 + Interest Rate / 100 / 12)^(-Loan Term × 12)]
Example: For a $5,000 loan with 5.5% interest and a 3-year term, the monthly repayment is calculated based on the formula provided.
function calculateRepayment() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value);
const loanTerm = parseInt(document.getElementById(“loanTerm”).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm <= 0) {
alert("Please enter valid positive values for all fields.");
return;
}
const monthlyInterestRate = (interestRate / 100) / 12;
const numberOfPayments = loanTerm * 12;
const monthlyRepayment = loanAmount * monthlyInterestRate / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
document.getElementById("monthlyRepayment").value = monthlyRepayment.toFixed(2);
document.getElementById("calculationSteps").style.display = "block";
}
function resetForm() {
document.getElementById("commbank-loan-calculator-form").reset();
document.getElementById("monthlyRepayment").value = "";
document.getElementById("calculationSteps").style.display = "none";
}
