Task: Create a loan calculator that allows for extra payments. This project will be presented in class.

Task: Create a loan calculator that allows for extra payments. This project will be presented in class.

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.

Complete Project:

· Upload all of the files to your website under final

· Create a final link to the loan calculator on your website

· Test on your website to confirm that everything is working properly

· Zip your files and submit in the dropbox

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.