Personal Loan Calculator NZ
function calculateLoan() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const loanTerm = parseFloat(document.getElementById(“loanTerm”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12;
if (isNaN(loanAmount) || isNaN(loanTerm) || isNaN(interestRate)) {
alert(“Please enter valid values.”);
return;
}
const numPayments = loanTerm * 12;
const monthlyPayment = (loanAmount * interestRate) / (1 – Math.pow(1 + interestRate, -numPayments));
const totalRepayment = monthlyPayment * numPayments;
document.getElementById(“monthlyPayment”).value = monthlyPayment.toFixed(2);
document.getElementById(“totalRepayment”).value = totalRepayment.toFixed(2);
}
