This calculator helps you understand the effective monthly rate for a leasing agreement by considering the initial cost, monthly payments, and lease duration.
function calculateLeaseRate() {
var initialCost = parseFloat(document.getElementById("initialCost").value);
var monthlyPayment = parseFloat(document.getElementById("monthlyPayment").value);
var leaseTermMonths = parseFloat(document.getElementById("leaseTermMonths").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(initialCost) || isNaN(monthlyPayment) || isNaN(leaseTermMonths) || initialCost < 0 || monthlyPayment < 0 || leaseTermMonths <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields. Lease term must be greater than 0.";
return;
}
var totalPayments = initialCost + (monthlyPayment * leaseTermMonths);
var effectiveMonthlyRate = totalPayments / leaseTermMonths;
resultDiv.innerHTML = "