I am trying to build a vehicle finance calculator, i would like to improve the code by displaying each month principle payment and each months interest, i have the following code
$interest = 10 /100/12;//10 is the interest rate
$months = 60; //60 months term
$loan = 12000;// total loan amount
$monthly_payment = $loan * $interest / (1-(pow((1+$interest),-$months)));
$total_payable = $monthly_payment * $months;
$total_interest = ($total_payable - $loan);
echo "Monthly Payment = " . $monthly_payment. '<br>';
echo "Total Payable = " . $total_payable . '<br>';
echo "Total Interest = " . $total_interest . '<br>';
echo "Monthly Interest = " . ($total_interest / $months) . '<br>';
to do what i want i need to use the formula on this page http://www.ifsautoloans.com/car-loan-interest/
this is the formula
$100 [$100 = 10%/12 months * $12,000). Consequently, with the first payment, you will pay down your principal by $154.96 [$154.96 = $254.96 – $100].
i just don't understand it, thank you for any help
what i want to do is the same as this link
http://www.thecalculatorsite.com/finance/calculators/carloancalculator.php
I'm giving you quick PHP with a form and output table for monthly view without any styling. The variables are self-explanatory.
<!DOCTYPE html>
<html>
<head>
<title>Loan Calculator</title>
</head>
<body>
<div id="form-wrapper">
<h2>Enter your car loan Details...</h2>
<form id="calculate-loan" method="post" action="">
<table>
<tbody>
<tr>
<td><label for="currency">Currency:</label></td>
<td>
<select id="currency" name="currency">
<option>$</option>
<option>₹</option>
</select>
</td>
</tr>
<tr>
<td><label for="vehicle_value">Vehicle Value:</label></td>
<td><input type="number" id="vehicle_value" name="vehicle_value"></td>
</tr>
<tr>
<td><label for="interest_rate">Interest Rate:</label></td>
<td><input type="number" min="1" max="100" id="interest_rate" name="interest_rate"></td>
</tr>
<tr>
<td><label for="months">Months:</label></td>
<td><input type="number" step="1" id="months" name="months"></td>
</tr>
<tr>
<td></td>
<td><input type="submit" name="submit" value="Submit"></td>
</tr>
</tbody>
</table>
</form>
</div>
<?php
if(isset($_POST['submit'])) {
?>
<div id="loan-details">
<h2>Vehicle Loan Repayments By Month</h2>
<?php
$balance = (float) $_POST['vehicle_value'];
$monthly_payment = (($_POST['interest_rate'] /(100 * 12)) * $_POST['vehicle_value']) / (1 - pow(1 + $_POST['interest_rate'] / 1200, (-$_POST['months'])));
?>
<p>
Loan Payments: <?php echo $_POST['currency'].number_format($monthly_payment * $_POST['months'], 2); ?><br />
Monthly Payment: <?php echo $_POST['currency'].number_format($monthly_payment, 2); ?><br />
Total Interest: <?php echo $_POST['currency'].number_format($monthly_payment * $_POST['months'] - $balance, 2); ?>
</p>
<table>
<tbody>
<tr>
<th>Month</th>
<th>Balance</th>
<th>Principal</th>
<th>Interest</th>
<th>Payment</th>
</tr>
<?php
for($month = 0; $month < (int)$_POST['months']; $month++) {
$interest = $balance * $_POST['interest_rate'] / 1200;
$principal = $monthly_payment - $interest;
?>
<tr>
<td><?php echo $month + 1 ?></td>
<td><?php echo $_POST['currency']. number_format($balance, 2) ?></td>
<td><?php echo $_POST['currency']. number_format($principal, 2) ?></td>
<td><?php echo $_POST['currency']. number_format($interest, 2) ?></td>
<td><?php echo $_POST['currency']. number_format($monthly_payment, 2) ?></td>
</tr>
<?php
$balance -= $principal;
}
?>
</tbody>
</table>
</div>
<?php } ?>
</body>
</html>