Car Affordability Calculator
Estimate your ideal car price based on monthly payments, interest rates, loan terms, and more.
function calculateCarAffordability() {
const monthlyIncome = parseFloat(document.getElementById(“monthlyIncome”).value);
const monthlyPayment = parseFloat(document.getElementById(“monthlyPayment”).value);
const loanTerm = parseInt(document.getElementById(“loanTerm”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100;
if (isNaN(monthlyIncome) || isNaN(monthlyPayment) || isNaN(loanTerm) || isNaN(interestRate) || monthlyIncome <= 0 || monthlyPayment <= 0 || loanTerm <= 0 || interestRate < 0) {
alert("Please enter valid positive values.");
return;
}
const monthlyInterestRate = interestRate / 12;
const totalPayments = loanTerm;
const denominator = Math.pow(1 + monthlyInterestRate, totalPayments) – 1;
if (denominator === 0) {
alert("Error in calculation.");
return;
}
const affordableCarPrice = (monthlyPayment * denominator) / (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, totalPayments));
document.getElementById("affordableCarPrice").textContent = "Affordable Car Price: $" + affordableCarPrice.toFixed(2);
}
