**Introduction**

Calculating monthly payments is a crucial aspect when dealing with loans, mortgages, or any other financial commitments. To simplify this process, a Monthly Payment Calculator proves to be an invaluable tool. In this article, we’ll provide a functional HTML and JS code for a calculator, along with an explanation of its usage, formula, and examples.

**How to Use**

To use the Monthly Payment Calculator, enter the loan amount, interest rate, and loan term in years. Click the “Calculate” button, and the result will show you the estimated monthly payment.

**Formula**

The formula for calculating the monthly payment (PMT) is given by:

$PMT=(+r)n−P×r×(+r)n $

Where:

- $P$ is the principal loan amount,
- $r$ is the monthly interest rate (annual rate divided by 12 and converted to a decimal),
- $n$ is the total number of payments (loan term in years multiplied by 12).

**Example**

Let’s say you have a loan amount of $50,000, an annual interest rate of 5%, and a loan term of 3 years. Using the formula:

$r=120.05 $ $n=3×12$

Substitute these values into the formula to find the monthly payment.

**FAQs**

**Q: Can I use this calculator for any type of loan?**

A: Yes, as long as you input the correct loan amount, interest rate, and term, it can be used for various loans.

**Q: Is the result provided by the calculator accurate?**

A: The calculator provides an estimate. Actual payments may vary due to factors like additional fees or changes in interest rates.

**Q: Can I use it for mortgages?**

A: Absolutely, the calculator is versatile and suitable for mortgage calculations.

**Conclusion**

The Monthly Payment Calculator simplifies financial planning by providing quick and accurate estimates. Use the provided HTML and JS code to integrate this useful tool into your website or application.