In today's post, you will learn how to create a Simple Loan Calculator using HTML CSS, and JavaScript. JavaScript Loan Calculator will help you to calculate the loan amount, interest rate, and information of monthly payment.
We basically use the general formula to calculate the interest rate and monthly payment of a loan amount. However, JavaScript will help you to make this task more perfect and easy.
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Banks use two methods to calculate the interest rate: annuity and differential. The main difference between each method is the rate of interest on the loan. Annuity payments are characterized by the client paying the debt in equal installments. This is currently the most common type of interest payment. A simple formula can be used to calculate the monthly payment amount: monthly payment amount = NW*(P+(P/(1+P)*SK-1)), or you can contact a professional Navibanker.