Mortgage Calculator

How it works:

1. Input Fields: Users input the loan amount, annual interest rate, and loan term (in years).
2. Calculate Button: Once the “Calculate Monthly Payment” button is clicked, the script calculates the monthly payment using the mortgage formula: M=P×r×(1+r)n(1+r)n−1M = \frac{P \times r \times (1+r)^n}{(1+r)^n – 1}M=(1+r)n−1P×r×(1+r)n​ where:
   • M = Monthly payment
   • P = Loan amount
   • r = Monthly interest rate (annual rate divided by 12)
   • n = Number of payments (loan term in years multiplied by 12)
3. Result: The calculated monthly payment is displayed in a green-colored text box.