Loans and Consolidation Loans Calculator

function calculateLoan() { const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value); const loanTerm = parseInt(document.getElementById(“loanTerm”).value); const consolidationLoan = document.getElementById(“consolidationLoan”).value; if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm <= 0) { alert("Please enter valid values for all fields."); return; } const monthlyInterestRate = (interestRate / 100) / 12; const numberOfPayments = loanTerm * 12; const monthlyPayment = loanAmount * monthlyInterestRate / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments)); document.getElementById("monthlyPayment").value = monthlyPayment.toFixed(2); let steps = `Inputs:
Loan Amount: $${loanAmount}
Interest Rate: ${interestRate}%
Loan Term: ${loanTerm} years
Consolidation Loan: ${consolidationLoan}

`; steps += `Formula:
Monthly Payment = Loan Amount × [Monthly Interest Rate / (1 – (1 + Monthly Interest Rate)^-Number of Payments)]

`; steps += `Result:
Estimated Monthly Payment: $${monthlyPayment.toFixed(2)}
`; document.getElementById(“stepsDetails”).innerHTML = steps; document.getElementById(“calculationSteps”).style.display = “block”; } function resetForm() { document.getElementById(“loanCalculatorForm”).reset(); document.getElementById(“monthlyPayment”).value = “”; document.getElementById(“calculationSteps”).style.display = “none”; }