function calculateLoan() { const loanAmount = parseFloat(document.getElementById("loan-amount").value); const interestRate = parseFloat(document.getElementById("interest-rate").value); const loanTerm = parseFloat(document.getElementById("loan-term").value) * 12; // convert to months const monthlyInterestRate = (interestRate / 100) / 12; const monthlyPayment = (loanAmount * monthlyInterestRate) / (1 - Math.pow(1 + monthlyInterestRate, -loanTerm)); const monthlyPaymentElement = document.getElementById("monthly-payment"); monthlyPaymentElement.value = monthlyPayment.toFixed(2); }

Loan Calculator


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