Question about Sharp EL-738 Scientific Calculator

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How do i calculate interest on a R20000.00 loan at 13% for 5 years on teh sharp el738f calculator

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Hi there,

First make sure all previous amounts stored are cleared by pressing 2nd F MODE.
Then type in the original value 20 000 and press PV.
Type in the interest 13 and press I/Y.
(If i assume that the interest is compounded yearly my calculation is more simple)
press 5 and N
Press COMP FV and your answer will be - 36 848.70

(If I assume that the interest is compounded monthly, i need to input a little bit more data into my calculator)
Press 2nd F I/Y (to get to payments per year) and press 12 and ENT. Press ON.
Then press 5 and 2nd F N and then press N again.
Now calculate FV by pressing COMP FV which should give you - 38 177.13.

Take this value and subtract the PV from it to get the amount of interest earned.


Posted on Nov 26, 2014

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Posted on Jan 02, 2017

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SOURCE: compound interest

http://www.sharpusa.com/files/cal_man_EL531_509.pdf.

Posted on Mar 10, 2008

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SOURCE: On the Sharp EL-738 calculator,

Hi,

Jane starts with 1200$ at the beginning of the first year, and at the end of the fourth year she has 1200$+300$=1500$
Use x for her annual interest rate, that means at the end of the first year she will have 1200$*[(100+x)/100]. At the end of the second year her first-year money earns at the same rate, so she will have 1200$*[(100+x)/100]*[(100+x)/100]=1200$*[(100+x)/100]^2 at the end of the second year.
At the end of the third year she will have 1200$*[(100+x)/100]^2 *[(100+x)/100]=1200$*[(100+x)/100]^3
At the end of the fourth year she will have
1200$*[(100+x)/100]^3 *[(100+x)/100]=1200$*[(100+x)/100]^4 which is equals to 1500$

1200$*[(100+x)/100]^4=1500$ divide both sides by 1200$
[(100+x)/100]^4=1,25 take the fourth root of both sides
(100+x)/100=1,05737 both sides*100
100+x = 105,737 both sides -100
x=5,737
So Jane's annaual interest rate was 5,737%.

Hope it helps you.

Posted on Mar 15, 2011

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