Using Php Create A Loan Calculator That Allows For Extra Payments

 

Requirements: -Create a page that allows a user to enter loan information; including Loan Amount, Length of Loan (months or years), Annual Interest Rate (percentage), and Extra Payment Amount. -Loan Amount is in dollars. This field is required. -Length of Loan is an integer in months or years. Include a prompt (such as radio buttons or dropdown list) to indicate payment frequency is for months or years. This field is required. -The loan calculation should adjust appropriately based on months or years selection. -Annual Interest Rate should be entered as a percentage. This field is required. -Make sure that all required fields are entered. -Make sure that all entered fields are valid. -Display the results of the loan calculation. -Display the Monthly Payment Amount. -Display the Total Amount to be paid for the loan (principle and interest). -Display the Total Interest to be paid for the loan. -Display an Amortization Schedule for the loan. -Assume the loan starts on the first day of the following month. -In the Amortization Schedule show the Payment Number, Payment Date, Payment Amount, Principle Amount, Interest Amount, Extra Payment Amount (if entered), and Loan Balance.

Extra Credit: -Extra Payment Amount is in dollars and is an additional monthly amount paid towards the principle of the loan. This field is optional. -If Extra Payment Amount is entered, it must be included in the loan calculation. -The Extra Payment Amount should be included as part of the monthly payment. -If Extra Payment Amount is entered, display the Amount of Interest Saved and the Amount of Time Saved. -Store the values entered in cookies and auto populate fields with previous values from cookies.

Hints: -Find a formula to calculate the payment amount. -To use the formula you will need to calculate a few things based on the user input. -You will need to know the number of monthly payments for the loan. Your formula might call this the length of the loan. -You will need to know the interest rate per month. -Now you can start. -Calculate the number of monthly payments. -Calculate the interest rate per month. -Calculate the payment amount. -You should test this by calculating manually on paper and using a php fiddle to test your code calculations. -Compare your results to any online mortgage calculator. -Now use a loop to display each month of the amortization table. -For each month calculate the balance and the portion of the payment that is principal and interest. -For the first month, the balance is the same as the loan amount. -The interest portion of the payment for that month is the balance times the interest rate per month. -The principal portion of the payment for that month is the payment amount minus the interest portion. -The balance for that month is the balance from the previous month minus the principal portion of the payment.

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