Sharp EL-738 - Normal Mode; Interest Rates; Simple Interest

CHAPTER 3. FINANCIAL CALCULATOR MODE
3.1 Normal mode
TheNORMALmodeallowsustousethefinancial keys. The financial keys N , 1/Y ,
PV , PMT , FV can only be used when the exponent in the applicable formula consists
of a single number (not a product or sum of numbers).
Before using the financial keys, first clear the register by pressing
2ndF M-CLR 0, 0.
3.2 Interest rates
3.2.1 Simple interest
I = Prt
• Determine the amount of interest received if R1 200 is invested for 4 years at 14%
simple interest per year.
I = Prt
= 1 200 × 14% × 4
= 1 200 × 0,14 × 4
= 672,00
The interest received is R672,00. We cannot use the financial keys because there is no
exponent in the formula.
Key in as
1 200
× 0.14 × 4 =
The answer is 672,00.
S = P (1 + rt)
• Determine the accumulated amount for if R2 400 is invested for 42 months at a 9%
simple interest rate per year.
S = 2 400

1+9%×
42
12

= 2 400

1+0,09 ×
42
12

= 3 156,00.
The accumulated amount is R3 156,00.
Key in as
2 400
( 1 + 0.09 × 42 ÷ 12 =
The answer is 3 156,00.
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