Loan Calculator Tool

 

NathTech’s Tools ,

 

Loan Calculator ,

This Tool provides an interface for a Loan Calculation  with input fields for entering the loan amount, interest rate, and loan term, and a button to calculate the monthly payment amount. After clicking the button, the monthly payment amount is displayed below the button.

 

 

if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm <= 0) { alert('Please enter valid values.'); return; } const monthlyInterestRate = (interestRate / 100) / 12; const numberOfPayments = loanTerm * 12; const compoundedInterestRate = Math.pow(1 + monthlyInterestRate, numberOfPayments); const monthlyPayment = (loanAmount * monthlyInterestRate * compoundedInterestRate) / (compoundedInterestRate - 1); document.getElementById('result').innerHTML = `

Monthly Payment: $${monthlyPayment.toFixed(2)}

`; });