Best Financial Calculators
A financial calculator could be your best ally if you're studying or working in a business environment, whether it be in real estate, accountancy or bookkeeping, banking, trading, audit and many other sectors.
They come in many varieties, from the basic to the advanced. This review features some of the best financial calculators on the market.
The Best Financial Calculator
The HP 12c Platinum is the new version of the biggest-selling and most powerful financial calculator of all time, the HP 12c. It's very fast, has over 130 functions, has lots of memory and looks very sophisticated.
Some of its many financial functions include:
- Investment analysis - depreciation (straight-line, declining balance and sum of years)
- Various functions related to bonds, including yield on investment.
- Specific real estate functions such as mortgages and annuities
- Functions for savings, loans and leasings
- Simple and compound interest calculations.
- Cash-flow analysis (net present value and internal rate of return)
What is a Financial Calculator?
Financial calculators are electronic calculators specifically designed for use in calculations related to business. The first hand-held financial calculator was the HP 80, released in 1973 by Hewlett Packard (HP) and according to the manual, "takes the drudgery out of complex financial and business calculations".
Buying a Financial Calculator
Financial calculators come in many varieties. Here are some things to consider before buying a financial calculator:
- Memory capacity
How much information do you think you will be dealing with? Cash-flows can normally be stored in your calculator. Check how many can be stored. As an example, one of the very best financial calculators, the HP 12c Platinum, can store up to 80 cash-flows.
- Processing speed
Before you buy, check other clients' opinions on this - in a fast-paced business world, a slow calculator would be the last thing you need!
- Financial functions
Think carefully about what kinds of financial calculations you will be doing and check which calculators fulfil these needs. Some of the most common functions offered are related to depreciation, amortization, bonds and interest calculations.
- What sector do you work in?
This is related to the previous item - some calculators include specific functions for specific industries. For example, the HP 12c Platinum has a whole set of real estate functions and others for banking professionals.
Check online reviews to check how robust models are - your new calculator should last years, even if you should happen to drop it a couple of times!
If you are in a client-facing position, you might want to consider what sort of image your calculator would give in a meeting. Some of the most powerful financial calculators aren't exactly sophisticated-looking, whereas other manufacturers have really taken this factor into consideration and have produced very sleek, stylish models - again, the HP 12c Platinum really does look smart.
Other Great Financial Calculators
If you bought yourself a financial calculator during the 1980s, chances are it was this bad boy. Nothing has changed since its introduction--it still uses Reverse Polish Notation (RPN), is easy and versatile in programming, and has a thin, sturdy casing.
The simple-to-use HP 17bII+ financial calculator is built for the heaviest workloads of real estate, finance and business professionals. Quickly calculate loan payments, interest rates and conversions, standard deviation, percent, TVM, NPV, IRR, cash flows, bonds and more.
If you want an easy to use but full functional financial calculator, take the Casio FC-200V. It offers enhanced financial calculations, statistical applications and all the common mathematical functions you need.
The BA II PLUS, a popular financial calculator for business professionals and students. With Time Value of Money, uneven cash flow analysis, and advanced statistics, the BA II PLUS is perfect for applications in finance, accounting, economics, investment, statistics, and more.