JSFiddle - React, Tailwind, and code Playground

by wisegorilla

JavaScript

const apr = (4.99 / 100);
 
 function getMonthlyPayment(balance, apr, months) {
    // Get our monthly payment calculated by amortization (daily compounded).
    // http://www.vertex42.com/ExcelArticles/amortization-calculation.html
    // http://en.wikipedia.org/wiki/Amortization_calculator
    
    // We first need to figure out our monthly compounded payment rate.
    var r = Math.pow(1 + (apr / 360), (360 / 12)) - 1;
    
    // Now we can use our monthly rate to figure out our monthly payment.
    return balance * ((r * Math.pow(1 + r, months)) / (Math.pow(1 + r, months) - 1));          
  }
	
	console.log(getMonthlyPayment(200000, apr, 60))