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JavaScript Loan Calculator Error

dgarofalo
dgarofalo asked
on
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Last Modified: 2017-03-29
I added a field to calculate total interest paid on a loan and it is not calculating properly. Can someone show me what I am doing wrong? Thanks!

http://domgarofalo.com/mortgage-calc.htm

On the following site:

http://www.bankrate.com/calculators/managing-debt/annual-percentage-rate-calculator.aspx

When you enter $500 for the principle, 10% for the interest, and 3 years for the terms, you get a payment of $16.13 and total interest of $80.81.

For mine, when I enter those same numbers, I get a payment of $15.28 and total interest of $50.08.
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CERTIFIED EXPERT
Distinguished Expert 2017

Commented:
You are using a different formula for calculation. Check this reference link (loan calculation)
Most Valuable Expert 2011
Author of the Year 2014
Commented:
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