Please help this code is not computing correctly. There must be something wrong with the formula. I can't figure it out.<\/p>
Here is the criteria for the assignment:<\/p>
Write four functions with these headers:<\/p>
function doPayment() function doBalance() function computePayment(principal, annualRate, years, periodsPerYear) function computeBalance(principal, annualRate, years, periodsPerYear, numberOfPaymentsPaidToDate) <\/pre>The first two functions (doPayment and doBalance)<\/p>
take no parameters<\/p>
are called from an onclick attribute<\/p>
get input from the user<\/p>
call the computePayment or the computeBalance function<\/p>
display a result to the user<\/p>
The computePayment function computes and returns the monthly payment for a loan with a fixed annual interest rate. The formula for computing a loan payment is<\/p>
P = ar\/1(1+r)^n<\/p>
where p is the payment per period, a is the loan amount, r is the interest rate per period<\/em>, and n is the total number of periods<\/em> throughout the life of the loan.<\/p>
The computeBalance function computes and returns the balance for a loan with a fixed annual interest rate. The formula for computing the balance of a loan after n payments have been made is<\/p>
b =a(1+r)^n p((1+r)^n1)\/r<\/p>
where b is the balance or payoff amount, a is the loan amount, r is the interest rate per period<\/em>, p is the payment per period, and n is the number of payments paid to date<\/em>.<\/p>
Loan Calculator<\/title> <\/head> <body onlo> <h1 align=\"center\">Loan Calculator<\/h1> <div> <form> <table align=\"center\"> <tr> <td>Amount borrowed (Principal) : <\/td> <td> <input name=\"loan_amount\" type=\"number\" id=\"principal\" value=\"\" required> <\/td> <\/tr> <tr> <td>Annual Interest Rate (for example 0.065)<\/td> <td> <input name=\"annual_rate\" type=\"number\" id=\"annualRate\" value=\"\" required> <\/td> <\/tr> <tr> <td>Number of years<\/td> <td> <input name=\"years\" id=\"years\" type=\"number\" value=\"\" required> <\/td> <\/tr> <tr> <td>Payments per years<\/td> <td> <input name=\"years\" id=\"payperyear\" type=\"number\" value=\"\" required> <\/td> <\/tr> <tr> <td> <input type=\"button\" onclick=\"doPayment()\" align=\"center\" value=\"Compute Payment\"><\/input> <\/td> <td> <input id=\"Payment\" type=\"text\" value=\"\" \/> <\/td> <\/tr> <tr> <td>Number of payment paid to date <\/td> <td> <input name=\"years\" id=\"paid\" type=\"number\" value=\"\" required> <\/td> <\/tr> <tr> <td> <input type=\"button\" onclick=\"doBalance()\" align=\"center\" value=\"Compute Payoff Payment\"><\/input> <\/td> <td> <input id=\"Payoff\" type=\"text\" value=\"\" \/> <\/td> <\/tr> <tr> <td> <input type=\"button\" onclick=\"this.form.reset();\" align=\"center\" value=\"Reset\"><\/input> <td> <\/tr> <\/table> <\/form> <script> function doPayment() { let principal = document.getElementById('principal').value; let annualRate = document.getElementById('annualRate').value; let years = document.getElementById('years').value; let payperyear = document.getElementById('payperyear').value;<\/p> <p> document.getElementById('Payment').value = '$' + computePayment(principal,annualRate,years,payperyear); }<\/p> <p>fs }<\/p> <p>function doBalance() { let principal = document.getElementById('principal').value; let annualRate = document.getElementById('annualRate').value; let years = document.getElementById('years').value; let payperyear = document.getElementById('payperyear').value; let paid = document.getElementById('paid').value;<\/p> <p> document.getElementById('Payoff').value = '$' + computeBalance(principal,annualRate,years,payperyear,paid); }<\/p> <p>function computeBalance(principal, annualRate, years, periodsPerYear, numberOfPaymentsPaidToDate) { return principal*Math.pow((1+annualRate),numberOfPaymentsPaidToDate) - periodsPerYear*Math.pow(1+annualRate,numberOfPaymentsPaidToDate-1)\/annualRate; } <\/script> <\/body> <\/html><\/p>", "transcribed_text": "", "related_book": { "title": null, "isbn": null, "edition": null, "authors": null, "cover_image": null, "uri": null, "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-06 02:24:04", "see_more_questions_link": null, "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/modern-mathematical-statistics-with-applications\/142-for-distribution-functions-f-the-second-proof-of-theorem-1987155", "description": "=+14.2. 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