Results:
Total Monthly Payment After Consolidation (£):
Interest Savings (£):
function calculateDebtConsolidation() {
const totalDebt = parseFloat(document.getElementById(“totalDebt”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value);
const loanTerm = parseFloat(document.getElementById(“loanTerm”).value);
const monthlyPayment = parseFloat(document.getElementById(“monthlyPayment”).value);
if (isNaN(totalDebt) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(monthlyPayment)) {
alert(“Please enter valid values for all fields.”);
return;
}
const monthlyInterestRate = interestRate / 100 / 12;
const numberOfPayments = loanTerm * 12;
const consolidatedPayment = (totalDebt * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
const totalPaidBeforeConsolidation = monthlyPayment * numberOfPayments;
const totalPaidAfterConsolidation = consolidatedPayment * numberOfPayments;
const interestSavings = totalPaidBeforeConsolidation – totalPaidAfterConsolidation;
document.getElementById(“consolidatedPayment”).textContent = consolidatedPayment.toFixed(2);
document.getElementById(“interestSavings”).textContent = interestSavings.toFixed(2);
}
