E-CodeHow to compare interest rates on a TI-84 Plus CE, TI-84 Plus or TI-83 Plus
Press APPS, ENTER for Finance and ALPHA PRGM for ►Eff(, then type the yearly rate, a comma and how many times a year interest is added, close the bracket and press ENTER. ►Eff(6,12) is 6.17: 6% added monthly is really 6.17% a year.
Step by step
- Open APPS. APPS Press APPS.
- Open Finance. ENTER Press ENTER for Finance.
- Pick ►Eff(. ALPHA PRGM Press ALPHA, then PRGM: C picks item C, ►Eff(, the effective rate.
- 6% added 12 times a year. 6 , 1 2 ) Type 6 , 12 ): a 6% yearly rate with interest added every month.
- Work it out. ENTER Press ENTER.
- The true yearly rate. 6.17%: interest on interest makes 6% added monthly worth 6.17% a year. Compare offers by this number, not the one on the ad.
What the screen shows
6.17%: interest on interest makes 6% added monthly worth 6.17% a year. Compare offers by this number, not the one on the ad.
Look for 6.167781186 on the screen.
Try it with the keys lit up
This guide is one of E-Code's Learn lessons. Open it on E-Code's TI-84 calculator and each key lights up in turn as you press it.
Try “Compare interest rates” on the TI-84 calculator
Related
- Work out a monthly loan payment
- Work out how long to reach a savings goal
- Work out the total interest on a loan
- Find the balance left on a loan
- Work out net present value and internal rate of return
Finance programs for the TI-84 Plus CE:
- Compound interest calculator
- Loan amortization with extra payments
- Time value of money solver (N, I%, PV, PMT, FV)
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