Monthly
Fortnightly
Weekly
function calculateLoanRepayment() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100;
const loanTerm = parseInt(document.getElementById(‘loanTerm’).value);
const repaymentFrequency = document.getElementById(‘repaymentFrequency’).value;
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm)) {
alert(“Please fill out all fields with valid numbers.”);
return;
}
let repaymentPerYear;
if (repaymentFrequency === ‘monthly’) repaymentPerYear = 12;
if (repaymentFrequency === ‘fortnightly’) repaymentPerYear = 26;
if (repaymentFrequency === ‘weekly’) repaymentPerYear = 52;
const monthlyInterestRate = interestRate / 12;
const numberOfPayments = loanTerm * repaymentPerYear;
const monthlyRepayment = loanAmount * monthlyInterestRate / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
const totalRepayment = monthlyRepayment * numberOfPayments;
const totalInterest = totalRepayment – loanAmount;
document.getElementById(‘monthlyRepayment’).value = monthlyRepayment.toFixed(2);
document.getElementById(‘totalInterest’).value = totalInterest.toFixed(2);
document.getElementById(‘totalRepayment’).value = totalRepayment.toFixed(2);
}
