Javascript loan calculator for website ?
10 December 2008, 12:00 AM
#1
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Javascript loan calculator for website ?
A friend has asked me to help out with his website. He needs a loan calculator where the user enters the usual stuff:
the ammount they want to borrow
the duration of the loan
or
the monthly amount they want to pay
Has anyone seen anything that could be of use , or even furnish the formula so I can hard code it ?
the ammount they want to borrow
the duration of the loan
or
the monthly amount they want to pay
Has anyone seen anything that could be of use , or even furnish the formula so I can hard code it ?
10 December 2008, 01:22 PM
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the trouble with the ones I found is, they don't seem to be consistent with the way a large money lender calculates the figure.
eg.
if you look at ASDA's website and use their loan calculator here:
ASDA - Personal Loans | Unsecured Loans
You'll see for a £10,000 loan at 8.2% APR over 60 months they offer
£205.00 per month
If you use the javascript caclulator here:
Cut & Paste Loan Calculator
and compare the same figures above, they offer
£203.72 per month
10 December 2008, 01:58 PM
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The basic calculators don't take into account and fees which get added into the overall APR but not the monthly payment. As said above, APRs are hellish to calculate correctly.
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