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learn

FINANCIAL

Calculator

The .learn Financial Calculator is designed to resemble one of the most popular financial calculators BA II Plus by

Texas Instrument. Although its functionality is roughly similar to BA II, the layout and the key sequences for entering

values and calculations are different in many cases. The calculator can be used as the regular arithmetic calculator,

but its main intended purpose is to perform vast array of financial calculations. The most noticeable feature of .learn

Financial Calculator is the enhancement it provides for visualization of financial problems:

Whenever the key sequences are described, the key strokes are defined by bolded capital letters. For example,

2.5 I/Y means pushing number buttons [2], [.], [5], and button [I/Y].

The elementary arithmetic operations are performed as in most calculators: numbers and operation symbols are

entered in their natural order. For example to perform 2+3=5 you enter the sequence 2 + 3 = and look at the

display for result: 5.

Most time-value-of-money variables are assigned by entering the number value first and then the name of the

variable. For example, to assign 25000 to present value variable, you press: 25000 PV.

In certain cases (in amortization and cash flow modes, you assign the value to the variable shown on the display by

entering the number and then pressing ENTER.

To clear the latest entry press C/CE.

To reset calculator to zero values press RESET.

The calculator would not understand any entry or correction performed by using mouse and computer keys.

Modes of Operation

The calculator works in three modes: TVM, Amortization Schedule, Cash Flow. The default mode is TVM.

To access a TVM variable, press a TVM key (N, I/Y, PV, PMT, FV).

To access the Amortization mode, press AMORT.

To access the Cash Flow mode, press CF.

The AMORT and CF are the toggle-buttons that turn red when a specific mode is turned on. Detailed description of

those modes follows.

Calculator Display

The calculator display consists of three parts; the original one-line display, the TVM Table display, and Time Line

display. By default, all three are shown when the calculator is started. The TVM Table and Time Line can be turned

on/off by using two check box buttons at the bottom of calculator. The content of the TVM Table display is different in

TVM, Amortization, and Cash Flow modes.

Time-Value-of-Money Mode

Use the Time-Value-of-Money (TVM) variables to solve problems with equal and regular cash flows that are either all

inflows or all outflows (for example, annuities, loans, mortgages, leases, and savings). For cash-flow problems with

unequal cash flows, use the Cash Flow mode.

TVM Variables

Variable

Number of periods

Interest rate per year

Present value

Payment

Future value

Number of payments per year

Number of compounding periods per year

End-of-period payments

Beginning-of-period payments

Key

N

I/Y

PV

PMT

FV

P/Y

C/Y

BGN (black)

BGN (red)

Display

N

I/Y

PV

PMT

FV

P/Y

C/Y

Type

of Variable

Enter-or-compute

Enter-or-compute

Enter-or-compute

Enter-or-compute

Enter-or-compute

Enter-only

Enter-only

Setting

Setting

Because the calculator stores values assigned to the TVM variables until you clear or change them, you should not

have to perform all steps each time you work a problem.

To assign a value to a TVM variable, key in a number and press a TVM key (N, I/Y, PV, PMT, FV).

To change the number of payments, key in a number, and press P/Y. To change the compounding periods, key in a

number, and press C/Y.

To change the payment period (end of period / beginning of period), press BGN

when its

black (not active) its end of period, when its red (active) its beginning of period.

To compute a value for the unknown variable, press CPT, and then press the key for the unknown variable.

For problems using only four of the five TVM variables, enter a value of zero for the unused variable.

For example, to determine the present value (PV) of a known future value (FV) with a known interest rate (I/Y) and no

payments, enter 0 and press PMT.

Enter negative values for outflows (cash paid out) and positive values for inflows (cash received).

Note: To enter a negative value, press +/- after entering the number. To change a negative value to positive, press

+/-.

Enter I/Y as the nominal interest rate. The calculator automatically converts I/Y to a per period rate based on the

values of P/Y and C/Y.

Entering a value for P/Y automatically enters the same value for C/Y. (You can change C/Y later.)

Use Period begin/end (key BGN) to specify whether the transaction is an ordinary annuity or an annuity due.

Set END for ordinary annuities, in which payments occur at the end of each payment period. (This category includes

most loans.)

Set BGN for annuities due, in which payments occur at the beginning of each payment period. (This category

includes most leases.)

To enter a TVM value, key in the value and store it by pressing a TVM key (N, I/Y, PV, PMT, or FV).

To display a stored TVM value, press RCL and a TVM key.

To compute a TVM value, press CPT and a TVM key in standard-calculator mode

1. Key in the number of years, and then press xP/Y to multiply by the stored P/Y value. The total number of

payments appears.

2. To assign the displayed value to N for a TVM calculation, press N.

The calculator treats cash received (inflows) as a positive value and cash invested (outflows) as a negative value.

You must enter cash inflows as positive values and cash outflows as negative values.

The calculator displays computed inflows as positive values and computed outflows as negative values.

If you make a monthly payment of $632.07 on a 30-year mortgage for $100,000, what is the interest rate on your

mortgage?

To

Press

Display

12 P/Y

P/Y= 12.00

Set payments per year to 12

N= 360.00

30 xP/Y N

Enter number of payments using the payment

multiplier

PV= 100,000.00

100000 PV

Enter loan amount

PMT= -632.07

632.07 +/- PMT

Enter payment amount

I/Y= 6.50

CPT I/Y

Compute interest rate

Answer: The interest rate is 6.5% per year.

Table view

Time line view

You open a savings account and make a deposit of $500,000. The interest rate is 14% annual compounding.

How long will it take to reach $2,000,000 in your saving account?

To

Press

Display

RESET

0.00

Set all variables to default

PV = - 500,000

500000 +/- PV

Enter present value

FV = 2,000,000

2000000 FV

Enter future value

I/Y = 14

14 I/Y

Enter interest rate

N = 10.5801

CPT N

Compute number of periods

Answer: The number of periods is 10.5801.

Table view

Time line view

These examples show you how to compute basic loan payments on a $100,000 mortgage at 6.5% for 30 years.

Note: After you complete the first example, you should not have to reenter the values for loan amount and interest

rate. The calculator saves the values you enter for later use.

To

Set payments per year to 12

Enter number of payments using the payment

multiplier

Compute interest rate

Enter loan amount

Compute payment

Answer: The monthly payments are $632.07.

Table view

Press

Display

12 P/Y

30 xP/Y N

P/Y= 12.00

N= 360.00

6.5 I/Y

100000 PV

CPT PMT

I/Y= 6.50

PV= 100,000.00

PMT= -632.07

Note: The calculator automatically sets the number of compounding periods (C/Y) to equal the number of payment

periods (P/Y).

To

Press

Display

4 P/Y

P/Y= 4.00

Set payments per year to 4

N= 120.00

30 xP/Y N

Enter number of payments using the payment

multiplier

PMT= -1,899.52

CPT PMT

Compute payment

Answer: The quarterly payments are $1,899.52

Time line view

Table view

These examples show you how to compute the future and present values of a savings account paying 1.5%

compounded at the end of each year with a 20-year time frame.

Example: If you open the account with $10,000, how much will you have after 20 years?

To

Press

RESET

Set all variables to default

20 N

Enter number of payments

1.5 I/Y

Enter interest rate

10000 +/- PV

Enter beginning balance

CPT FV

Compute future value

Answer: The account will be worth $13,468.55 after 20 years.

Table view

Display

0.00

N= 20.00

I/Y= 1.50

PV= -10,000.00

FV= 13,468.55

Example: How much money must you deposit to have $100,000 in 20 years?

To

Press

Display

100000 FV

FV= 100,000.00

Enter final balance

PV= -74,247.04

CPT PV

Compute present value

Answer: You must deposit $74,247.04

Table view

Time line view

The Foxcity company purchased equipment providing an annual savings of $20,000 over 10 years. Assuming an

annual discount rate of 12%, what is the present value of the savings using an ordinary annuity and an annuity due?

I/Y=12

I/Y=12

To

Press

Display

RESET

0.00

Set all variables to default

N= 10.00

10 N

Enter number of payments

I/Y= 12.00

12 I/Y

Enter interest rate

PMT= -20,000.00

20000 +/- PMT

Enter payment

PV= 113,004.46

CPT PV

Compute present value (ordinary annuity)

Answer: The present value of the savings is $113,004.46 with an ordinary annuity.

Table view

Time line view

To

Press

Display

BGN

Set beginning-of-period payments

PV= 126,565.00

CPT PV

Compute present value (annuity due)

Answer: The present value of the savings is $126,565.00 with an annuity due.

Time line view

Table view

The Hobocus Company wants to purchase a machine currently leased from your company. You offer to sell it for the

present value of the lease discounted at an annual interest rate of 20% compounded monthly. The machine has a

residual value of $8000 with 36 monthly payments of $1500 remaining on the lease. If the payments are due at the

beginning of each month, how much should you charge for the machine?

To

Press

Display

RESET

0.00

Set all variables to default

BGN

Set beginning-of-period payments

N= 36.00

36 N

Enter number of payments

IY= 1.67

20 / 12 = I/Y

Calculate and enter periodic interest rate

FV= -8,000.00

8000 +/- FV

Enter residual value of asset

PMT= -1,500

1500 +/- PMT

Enter lease payment amount

PV= 45,447.05

CPT PV

Compute present value of lease payment

Answer: Hobocus should pay your company $45,447.05 for the machine

Table view

Time line view

If you finance the purchase of a new desk and chair for $525 at 15% APR compounded monthly for two years, how

much is the monthly payment?

To

Set all variables to default

Set payments per year to 12

Enter number of payments using payment

multiplier

Enter interest rate

Enter loan amount

Compute payment

Answer: Your monthly payment is $25.46.

Table view

Press

Display

RESET

12 P/Y

2 xP/Y N

0.00

P/Y= 12.00

N= 24.00

15 I/Y

525 PV

CPT PMT

I/Y= 15,00

PV= 525.00

PMT= -25.46

Amortization Mode

The Amortization mode is used after solving a TVM problem to generate an amortization schedule.

Amortization Variables

Variable

Starting payment

Ending payment

Balance

Principal paid

Interest paid

Key

AMORT

Display

P1

P2

BAL

PRN

INT

Type of Variable

Enter-only

Enter-only

Auto-compute

Auto-compute

Auto-compute

The Amortization mode uses TVM values to compute an amortization schedule.

1. Press AMORT. The current P1 value appears.

2. To specify the first in a range of payments, key in a value for P1 and press ENTER.

3. Press . The current P2 value appears.

4. To specify the last payment in the range, key in a value for P2 and press ENTER.

5. Press to display each of the automatically computed values:

BAL the remaining balance after payment P2

PRN the principal

INT the interest paid over the specified range

6. Press AMORT, or, if INT is displayed, press to display P1 again.

7. To generate the amortization schedule, repeat steps 2 through 5 for each range of payments.

Alternatively, you can use the enhanced display option of the calculator. In the AMORT table the scrollable minispreadsheet displays the complete information about the amortization schedule. The spreadsheet appears

immediately after pressing AMORT. The data are organized in columns: Period, Balance, Principal, and Interest.

Each row shows the loan balance at that period as well as principal and interest paid from the loan initiation to the

current period. You can scroll the spreadsheet to lookup for any period. For convenience of comparing, you can

highlight two different rows by positioning mouse and clicking on first row, and then moving mouse to another row.

Schedule

This example shows you how to use the TVM and Amortization modes to calculate the monthly payments on a 30year loan starting in May and generate an amortization schedule for the first three years of the loan.

Calculate the monthly payment with a loan amount of $150,000 and 7.000% APR.

To

Press

Display

RESET

0.00

Set all variables to default

P/Y= 12.00

12 P/Y

Set payments per year to 12

N= 360.00

30 xP/Y N

Enter number of payments using payment

multiplier

I/Y= 7.00

7 I/Y

Enter interest rate

PV=150,000.00

150000 PV

Enter loan amount

PMT= -997.95

CPT PMT

Compute payment

Answer: The computed monthly payment, or outflow, is $997.95.

Time line view

Table view

Generate an amortization schedule for the first three years of the loan. If the first payment is in May, the first year has

eight payment periods. (Following years have twelve payment periods each.)

To

Press

Display

AMORT

P1= 1

Select the Amortization worksheet

P2= 8.00

Set ending period to 8

8 ENTER

BAL= 148,996.05

Display 1st year amortization data

Change ending period to 20

Display 2nd year amortization data

Change ending period to 32

Display 3rd year amortization data

PRN= -1003.95

INT= -6,979.68

9 ENTER

20 ENTER

P1= 9.00

P2= 20.00

BAL= 147,399.76

PRN= -1,596.29

INT= -10,379.15

21 ENTER

32 ENTER

P1= 21.00

P1= 32.00

BAL= 145,688.08

PRN= -1,711.69

INT= -10,263.76

Continue in similar fashion to calculate the balance, interest and principal paid for any other period of interest.

Alternatively, you can lookup for the same data in the amortization table. The screenshot below shows six first and

last rows of the table.

First 6 rows of amortization table

Last 6 rows of amortization table

Balance After a Specified Payment

A group of sellers considers financing the sale price of a property for $200,000 at 6% annual interest, amortized over

a 30-year term with a balloon payment due after five years. They want to know:

Amount of the monthly payment

Amount of interest they will receive

Remaining balance at the end of the term (balloon payment)

Computing the Monthly Payment

To

Press

Display

RESET

0.00

Set all variables to default

P/Y= 12.00

12 P/Y

Set payments per year to 12

N= 360.00

30 xP/Y N

Enter number of payments using payment

multiplier

I/Y= 6.00

6 I/Y

Enter interest rate

PV=200,000.00

200000 PV

Enter loan amount

PMT= -1199.10

CPT PMT

Compute payment

To

Select the Amortization worksheet

Enter end period (five years)

View balance due after five years (balloon

payment)

View interest paid after five years

Press

Display

AMORT

5 xP/Y ENTER

P1= 1

P2= 60.00

BAL= 186,108.71

INT= -58,054.78

Monthly payment: $1199.10 for five years

Interest: $58,054.78 over the five years

Balloon payment: $186,108.71

Alternatively, you can lookup for the same data in the amortization table:

Amortization table

Use the Cash Flow mode to solve problems with unequal cash flows.

To solve problems with equal cash flows, use the TVM mode.

To access the Cash Flow mode and initial cash flow value (CFo), press CF.

To access the cash flow amount and frequency variables (Cnn/Fnn), press or

To enter the discount rate variable (I), type the number and press I/Y.

To compute net present value (NPV), press CPT and NPV.

To compute the internal rate of return (IRR), press CPT and IRR.

Variable

Key

CF

Initial cash flow

Amount of nth cash flow

I/Y

Discount rate

NPV

Net present value

IRR

Internal rate of return

* nn represents the cash flow or frequency number.

Display

CFo

Cnn *

Fnn *

I/Y

NPV

IRR

Type of Variable

Enter-only

Enter-only

Enter-only

Enter-recall

Compute-recall

Compute-recall

Uneven Cash Flows

The Cash Flow mode analyzes unequal cash flows over equal time periods. Cash-flow values can include both

inflows (cash received) and outflows (cash paid out). Enter positive values for cash inflows (cash received) and

negative values for cash outflows (cash paid out). To enter a negative value, key in a number and press +/-.

All cash-flow problems start with an initial cash flow labeled CFo. CFo is always a known, entered value.

Cash-flow problems can contain cash flows with unique values as well as consecutive cash flows of equal value.

Although you must enter unequal cash flows separately, you can enter groups of consecutive, equal cash flows

simultaneously using the Fnn variable.

Cash flows consist of an initial cash flow (CFo) and additional cash flows (C01, C02, ), each of which can have a

unique value. You must enter the number of occurrences (up to 9,999), or frequency (F), for each additional cash

flow.

The calculator displays positive values for inflows (cash received) and negative values for outflows (cash paid out).

To clear the Cash Flow worksheet, press RESET.

To enter cash flows:

1. Press CF. The initial cash-flow value (CFo) appears.

2. Key in a value for CFo and press ENTER.

3. To select an additional cash-flow variable, press . The C01 value appears.

4. To change C01, key in a value and press ENTER.

5. To select the cash-flow frequency variable (F01), press . The F01 value appears.

6. To change F01, key in a value and press ENTER.

7. To select an additional cash-flow variable, press . The C02 value appears.

8. Repeat steps 4 through 7 for all remaining cash flows and frequencies.

9. To review entries, press or

The calculator solves for these cash-flow values:

Net present value (NPV) is the total present value of all cash flows, including inflows (cash received) and outflows

(cash paid out). A positive NPV value indicates a profitable investment.

Internal rate of return (IRR) is the interest rate at which the net present value of the cash flows is equal to 0.

These examples show you how to enter and edit unequal cash-flow data to calculate:

Net present value (NPV)

Internal rate of return (IRR)

A company pays $10,000 for a new machine, plans a 20% annual return on the investment, and expects these

annual cash flows over the next six years:

Year

Cash Flow Number

Cash Flow Estimate

Purchase

CFo

-$10,000

1

C01

2,000

2

5,000

C02

3-6

6,000 every year

C03

As the table shows, the cash flows are a combination of equal and unequal values. As an outflow, the initial cash flow

(CFo) appears as a negative value.

To

Select Cash Flow mode

Enter initial cash flow

Enter cash flow for first year

Enter cash flow for second year

Enter cash flows for years three through six

Enter interest rate per period

Compute net present value

Compute internal rate of return

Press

Display

CF

CFo= 0

CF0= -10000

C01= 2,000.00

F01= 1.00

C02= 5,000.00

F02= 1.00

C03= 6,000.00

F03= 4.00

I= 20.00

NPV= 5,925.28

IRR= 38.35

2000 ENTER

5000 ENTER

6000 ENTER

4 ENTER

20 I/Y

CPT NPV

CPT IRR

Alternatively, you can lookup the data in the Cash Flow Table display. The table comes up immediately after you

press CF, and displays the cash flow for every time period as well as Interest, IRR and NPV.

First 6 rows of cash flow table

Last 6 rows of cash flow table

A lease with an uneven payment schedule usually accommodates seasonal or other anticipated fluctuations in the

lessees cash position. A 36-month lease has the following payment schedule payments:

Number of months

Payment amount

3

$0

6

$6,000

4

$0

10

$7,000

3

$0

10

$7,500

If the required earnings rate is 10% per 12-month period with monthly compounding:

What is the present value of these lease payments?

What even payment amount at the beginning of each month would result in the same present value?

Because the cash flows are uneven, use the Cash Flow mode to determine the net present value of the lease.

Computing NPV

The cash flows for the first three months are stated as a group of three $0 cash flows. Because the lease specifies

beginning-of-period payments, you must treat the first cash flow in this group as the initial investment (CFo) and enter

the remaining two cash flows on the cash flow screens (C01 and F01).

To

Press

Display

RESET

0.00

Set all variables to defaults

CF

CFo= 0

Select Cash Flow mode

CFo= 0.00

ENTER

Enter initial cash flow

C01= 0.00

ENTER

Enter first group of cash flows

F01= 2.00

2 ENTER

C02= -6,000.00

6000 +/- ENTER

Enter second group of cash flows

F02= 6.00

6 ENTER

C03= 0.00

ENTER

Enter third group of cash flows

F03= 4.00

4 ENTER

C04= -7,000.00

7000 +/- ENTER

Enter 4th group of cash flows

F04= 10.00

10 ENTER

C05= 0.00

ENTER

Enter 5th group of cash flows

F05= 3.00

3 ENTER

C06= -75000.00

7500 +/- ENTER

Enter 6th group of cash flows

F06= 10.00

10 ENTER

I= 0.83

10 / 12 = I/Y

Enter interest rate per period

NPV= -153,197.15

CPT NPV

Compute net present value

As you enter the cash flows for different periods, you can check the correctness of your input by scrolling the cash

flow table and reviewing the data:

First 6 rows of cash flow table

Last 6 rows of cash flow table

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