Financial calculator
Enter four of N, I/Y, PV, PMT and FV and solve for the fifth.
Payment (PMT)
With N = 12, I/Y = 2%, PV = $10,000.00 and FV = $0.00, payments at the end of each period: PMT = -$945.60.
How this is calculated →- Sum of payments$11,347.15
- Annual rate, if the period is a month26.82%
A negative sign means money leaving your pocket. Fees and insurance are not included.
How the financial calculator works
The five variables are tied by one equation: PV × (1 + i)ⁿ + PMT × ((1 + i)ⁿ − 1) ÷ i + FV = 0. With payments at the beginning of each period, the PMT term is multiplied by (1 + i).
Example: a $10,000 loan (PV positive, you receive it) at 2% a month over 12 payments gives PMT = −$945.60 (negative, you pay). To find the rate, the calculator solves the equation by successive approximation, as handheld calculators do.
Frequently asked questions
Does it work like an HP 12C or BA II Plus?
It uses the same equation and sign convention as the N, I/Y, PV, PMT and FV keys, with BEGIN and END modes. It is not a keypad emulator.
Why is the payment negative?
Cash flow convention: money you receive is positive and money you pay is negative. In a loan you receive PV and pay PMT.
What does "no solution" mean?
Usually PV and PMT were entered with the same sign. Handheld calculators show it as an error code.
Monthly or annual rate?
Match the rate to the period: 12 months with a monthly rate, or 1 year with an annual rate.
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