Coder Foundry Coding Challenge Fixed Loan Calculator
Write a fixed rate loan calculator able to calculate the monthly payments for the loan and display an amortization schedule.
The user should have the ability to input the loan criteria needed to calculate a loan payment and schedule. Each loan is defined by three parameters:
- The amount of money in dollars (balance)
- The time over which the loan will be repaid, in months (term)
- The percentage rate at which interest will accrue on the loan (rate)
For the loan input, the user should be able to click a button which will present them payment and an amortization schedule. An amortization schedule is a record of monthly payments spanning the entire term of a loan. Each monthly payment is broken down to show the interest and principal for each payment. In addition, the app should show the remaining balance of the loan for that month.
Monthly payments have these details:
- The month (1 corresponding to the 1st month of payment, through the total number of months)
- The Payment paid this month
- The interest paid this month (see below)
- The principal paid this month (see below)
- The Total Interest (see below)
- The remaining loan balance at the end of the month (see below)
Also changes colour depending on whether the user is using light or dark theme on their machine
