Question about Sharp EL-531VB Calculator

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Posted on Jan 02, 2017

That question is much more complicated than you think - are you charging interest percentage daily? Weekly? Monthly? Anually? Once you have the period figured, you begin at some start point of your choosing. Exactly one "period" later, you multiply the basis (the outstanding balance) by the percentage rate (5%, for example, would mean you multiply by 0.05), then add that number to the basis - that's your new basis, your new outstanding balance.

But... if you charge an annual interest rate, and you compound daily or weekly or monthly, you have to take payments into account and adjust for them - it's fair to charge interest up to the moment of payment, but not beyond that moment; you can rightly only charge interest on the remaining unpaid balance beyond that date.

If you charge an annual interest rate but compound monthly, then every month you'd charge 1/12 of your annual interest rate. If weekly, 1/52. If daily, 1/365. The smaller the compounding period, the easier it is to calculate interest around payments, but the more paperwork is involved.

But... if you charge an annual interest rate, and you compound daily or weekly or monthly, you have to take payments into account and adjust for them - it's fair to charge interest up to the moment of payment, but not beyond that moment; you can rightly only charge interest on the remaining unpaid balance beyond that date.

If you charge an annual interest rate but compound monthly, then every month you'd charge 1/12 of your annual interest rate. If weekly, 1/52. If daily, 1/365. The smaller the compounding period, the easier it is to calculate interest around payments, but the more paperwork is involved.

Jul 14, 2014 | Office Equipment & Supplies

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.

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.

May 16, 2014 | Sharp EL-738 Scientific Calculator

But how often is the interest applied, yearly or monthly? If yearly, then the last 3 months don't earn anything at the 29 mo point. So $27624.

If applied monthly the usual trick is to simply divide the yearly rate by 12 = 1.32% per mo. So after 29 mo, $30132

If applied monthly the usual trick is to simply divide the yearly rate by 12 = 1.32% per mo. So after 29 mo, $30132

Dec 18, 2013 | Sharp el-531x scientific calculator

Invest R10000 in a bank investing at 14% compounded twice a year.

A = P(1+i)^n, where A is the amount, P is the principal or initial investment, i is the interest rate per period, and n is the number of periods.

If the annual rate is 14%, the semi-annual rate is 7%. One year is now composed of 2 6-month periods.

So after one year, we have A = 10 000 (1.07)^2 or 11,449.

Good luck,

Paul

A = P(1+i)^n, where A is the amount, P is the principal or initial investment, i is the interest rate per period, and n is the number of periods.

If the annual rate is 14%, the semi-annual rate is 7%. One year is now composed of 2 6-month periods.

So after one year, we have A = 10 000 (1.07)^2 or 11,449.

Good luck,

Paul

Nov 19, 2013 | Sharp EL-738 Scientific Calculator

Assuming the 28k is put in as one lump sum each year and that the interest is compounded annually, then after 15 years I calculate $453,329

You can use the following online calculator to make adjustments, check my calculations, modify any factors, etc...

http://www.bankrate.com/calculators/savings/compound-savings-calculator-tool.aspx

You can use the following online calculator to make adjustments, check my calculations, modify any factors, etc...

http://www.bankrate.com/calculators/savings/compound-savings-calculator-tool.aspx

Nov 18, 2013 | Computers & Internet

Your result is for the 6.75% interest compounded monthly. The problem states that the interest is compounded semiannually. This makes a difference in the effective interest rate.

A 6.75% APR compounded semiannually gives an effective interest rate of about 6.864%:

Press 2 , 6 . 7 5 2nd >EFF

Converting this to APR gives about 6.657%:

Press 1 2 , 6 . 8 6 4 2nd >APR

If you use 6.657 for the interest rate instead of 6.75 you should get the correct result.

A 6.75% APR compounded semiannually gives an effective interest rate of about 6.864%:

Press 2 , 6 . 7 5 2nd >EFF

Converting this to APR gives about 6.657%:

Press 1 2 , 6 . 8 6 4 2nd >APR

If you use 6.657 for the interest rate instead of 6.75 you should get the correct result.

Feb 22, 2011 | Sharp EL-738 Scientific Calculator

No solution, but I have the exact same problem with a Sharp EL-531W calculator. Doesn't matter whether mode is degrees, radians, etc., and resetting with button in back has no effect.

Feb 26, 2010 | Sharp EL-501WBBL Calculator

Yes you can use it, here is the formula: Y= V(t+ (i/c))^(tc) V=amount put in, t=time, i=intrest rate, c= amount of times it is compounded.

(I know this because I have a TI-83 calculator)

(I know this because I have a TI-83 calculator)

Mar 27, 2009 | Texas Instruments TI-83+ Graphing...

=10000*(1+0.96)^12

=10000*(1+0.10)^18

=10000*(1+0.10)^24

=10000*(1+0.10)^18

=10000*(1+0.10)^24

Dec 02, 2008 | Microsoft Office Professional 2007 Full...

Please see attached image.

The formula in C3 is =C2+((C2*(A3/100))/365). This is replicated down the spreadsheet.

Obviously you would have to put in the daily interest rate.

Hope this helps

The formula in C3 is =C2+((C2*(A3/100))/365). This is replicated down the spreadsheet.

Obviously you would have to put in the daily interest rate.

Hope this helps

Jul 22, 2008 | Microsoft Excel for PC

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