JavaScript Loan Calculator

Question

Enter Loan Information: 1) Amount of the loan (any currency): 2) Annual percentage rate of interest: 3) Repayment period in years: Payment Information: 4) Your monthly payment will be: 5) Your total payment will be: 6) Your total interest payments will be: function calculate() { // Get the user's input from the form. Assume it is all valid. // Convert interest from a percentage to a decimal, and convert from // an annual rate to a monthly rate. Convert payment period in years // to the number of monthly payments. var principal = document.loandata.principal.value; var interest = document.loandata.interest.value / 100 / 12; var payments = document.loandata.years.value * 12; // Now compute the monthly payment figure, using esoteric math. var x = Math.pow(1 + interest, payments); var monthly = (principal*x*interest)/(x-1); // Check that the result is a finite number. If so, display the results if (!isNaN(monthly) && (monthly != Number.POSITIVE_INFINITY) && (monthly != Number.NEGATIVE_INFINITY)) { document.loandata.payment.value = round(monthly); document.loandata.total.value = round(monthly * payments); document.loandata.totalinterest.value = round((monthly * payments) - principal); } // Otherwise, the user's input was probably invalid, so don't // display anything. else { document.loandata.payment.value = ""; document.loandata.total.value = ""; document.loandata.totalinterest.value = ""; } } // This simple method rounds a number to two decimal places. function round(x) { return Math.round(x*100)/100; }

Explanation / Answer

c77f654d59bb3f1a775453eeda4a5a0b8aeb012f6902d844558d695549e2fdfe

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