▫️Loan Calculator

Computes monthly payments for a loan based on the loan amount, interest rate, and loan term.

/loan-calculator

This endpoint calculates the monthly payment for a loan based on the provided loan amount, annual interest rate, and duration in years. It accepts a POST request with form data including the loanAmount, annualInterestRate, and durationYears. If any of the provided values are not valid numeric values, it returns a 400 error with a corresponding message. If the calculation results in a valid monthly payment, it returns the monthly payment rounded to 2 decimal places. If the calculation is invalid, it returns a 400 error with a corresponding message.

Headers:

• Content-Type: application/x-www-form-urlencoded

Request Body (loanAmount, annualInterestRate, durationYears)

Form Data:

• loanAmount: The amount of the loan.

• annualInterestRate: The annual interest rate (in percentage).

• durationYears: The duration of the loan in years.

Example:

loanAmount: 10000
annualInterestRate: 5
durationYears: 3

Response Upon successful calculation, the endpoint responds with the monthly payment amount.

Example:

{
    "monthlyPayment": "299.71"
}

Error Responses

• Status Code: 400 Bad Request

  Body: "Please provide valid numeric values for loan amount, interest rate, and duration."

  Description: Occurs if any of the parameters are missing or not a valid number.

• Status Code: 400 Bad Request

  Body: "Invalid calculation. Please check the input values."

  Description: Occurs if the calculation cannot be completed due to invalid input values, such as an interest rate of 0% over a 0 year duration, which are not mathematically viable for the formula.

This endpoint allows for a quick calculation of the monthly payments required for a loan based on the principal amount, the interest rate, and the loan duration. The calculation assumes that payments are made monthly and that the interest is compounded monthly as well.