Question about Sharp EL-738 Scientific Calculator

# 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

(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

Hi,
a 6ya Technician can help you resolve that issue over the phone in a minute or two.
Best thing about this new service is that you are never placed on hold and get to talk to real repair professionals here in the US.
Goodluck!

Posted on Jan 02, 2017

SOURCE: compound interest

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

Posted on Mar 10, 2008

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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