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\n\nfunction calculateLoanPayment() {\n var loanAmount = document.getElementById(‘loanAmount’).value;\n var interestRate = document.getElementById(‘interestRate’).value;\n var loanTerm = document.getElementById(‘loanTerm’).value;\n var result = document.getElementById(‘result’);\n\n // Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]\n var i = interestRate / 100 / 12;\n var n = loanTerm * 12;\n var M = loanAmount * (i * Math.pow(1 + i, n)) / (Math.pow(1 + i, n) – 1);\n\n result.innerHTML = \”Monthly Payment: \” + M.toFixed(2);\n}\n\n
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Loan Payment Calculator
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Calculate your monthly loan payments with this simple calculator.
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Loan Payment Calculator
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Calculate your monthly loan payments using the standard loan amortization formula. Enter the loan amount, annual interest rate, and loan term in years to see your estimated monthly payment and total cost.
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