Fixed Rate
Variable Rate
Loan Comparison Result
Monthly Payment: $0
Total Repayment: $0
Total Interest: $0
function calculateLoan() {
let loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
let loanTerm = parseInt(document.getElementById(“loanTerm”).value);
let interestRate = parseFloat(document.getElementById(“interestRate”).value);
let loanType = document.getElementById(“loanType”).value;
if (isNaN(loanAmount) || isNaN(loanTerm) || isNaN(interestRate) || loanTerm <= 0 || loanAmount <= 0 || interestRate <= 0) {
alert("Please enter valid values for all fields.");
return;
}
let monthlyInterestRate = (interestRate / 100) / 12;
let numberOfPayments = loanTerm * 12;
let monthlyPayment;
if (loanType === "fixed") {
monthlyPayment = loanAmount * monthlyInterestRate / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
} else {
// For variable rate, assume adjustable rate calculation
monthlyPayment = loanAmount * (interestRate / 100) / 12;
}
let totalRepayment = monthlyPayment * numberOfPayments;
let totalInterest = totalRepayment – loanAmount;
document.getElementById("monthlyPayment").textContent = "Monthly Payment: $" + monthlyPayment.toFixed(2);
document.getElementById("totalRepayment").textContent = "Total Repayment: $" + totalRepayment.toFixed(2);
document.getElementById("totalInterest").textContent = "Total Interest: $" + totalInterest.toFixed(2);
}
