Loan Percentage Calculator - Savvy Calculator

Introduction

In the realm of financial planning, having a reliable loan percentage calculator is indispensable. Whether you’re a financial professional or an individual managing personal finances, the ability to quickly and accurately calculate loan percentages can make a significant difference. In this article, we’ll guide you through creating a user-friendly loan percentage calculator using HTML and JavaScript.

How to Use

To use the loan percentage calculator, simply follow these steps:

Enter the loan amount in the designated field.
Input the interest rate as a percentage.
Specify the loan duration in years.
Click the “Calculate” button to get instant results.

Formula

The formula used to calculate the total amount to be repaid is:

$Total Amount = Loan Amount + (100 Loan Amount \times Interest Rate \times Loan Duration)$

Example

Let’s say you have a loan amount of $10,000, an interest rate of 5%, and a loan duration of 3 years. Plugging these values into the formula:

$Total Amount = 10000 + (100 10000 \times 5 \times 3) = 11500$

So, the total amount to be repaid would be $11,500.

FAQs

Q1: Can I input decimal values for the loan amount, interest rate, and loan duration?

A1: Yes, the calculator accepts decimal values. Make sure to enter accurate and realistic values.

Q2: Is the interest rate entered as an annual percentage?

A2: Yes, the interest rate should be entered as an annual percentage.

Conclusion

Building a loan percentage calculator using HTML and JavaScript is a valuable skill for anyone dealing with financial calculations. This calculator provides a quick and efficient way to determine the total amount to be repaid, aiding in better financial decision-making. Feel free to customize the code to suit your specific needs, and empower yourself with a powerful financial tool.