Online financial calculator: BA II Plus and HP 12C keys

−1,498.88PMT

The payment per period, at the end of each period, over 360 periods at 6% a year (12 periods a year).

How it is calculated

Rate per periodi = I/Y ÷ (100 × P/Y) = 6 ÷ 1,200 = 0.005
Growth factor(1 + i)^N = 1.005³⁶⁰ = 6.022575
Annuity factor((1 + i)^N − 1) ÷ i = (6.022575 − 1) ÷ 0.005 = 1,004.515042
Payment per periodPMT = −(PV × 6.022575 + FV) ÷ 1,004.515042 = −(250,000.00 × 6.022575 + 0.00) ÷ 1,004.515042 = −1,498.88

BA II Plus keystrokes

2ndCLR TVMSets N, I/Y, PV, PMT and FV to zero; P/Y and END/BGN stay as they were.
2ndP/Y12ENTER2ndQUITP/Y = 12 payments a year; this also sets C/Y to 12.
2ndBGN2ndQUITPayments at the end of each period: the display should show END. If it shows BGN, press 2nd SET before you quit.
360NN = 360 periods
6I/YI/Y = 6.00% a year
250000PVPV = 250,000.00
0FVFV = 0.00
CPTPMTComputes PMT.

Display: PMT = −1,498.88

HP 12C keystrokes

fCLEAR FINClears the financial registers n, i, PV, PMT and FV.
gENDPayments at the end of each period: BEGIN is not shown.
360nn = 360 periods
6g12÷12÷ divides the annual 6.00% by 12 and stores it: i = 0.50% per period.
250000PVPV = 250,000.00
0FVFV = 0.00
PMTPress the key without keying in a number first: computes PMT.

Display: PMT = −1,498.88

Key facts

Financial calculators use a sign convention: money paid out is negative and money received positive, so the payment on a loan shows as a negative number.
On the BA II Plus, I/Y is the interest rate per year and P/Y the payments per year; setting P/Y also sets C/Y.
The HP 12C has no P/Y: i is the rate per period, and g 12÷ divides an annual rate by 12.
The HP 12C rounds a computed n up to a whole number of periods, so 318.15 shows as 319.
The BA II Plus cash-flow worksheet takes CF0 and up to 24 more cash flows; the HP 12C takes CF0 and up to 20, each repeated up to 99 times with Nj.

How is the result calculated?

For the time value of money, the calculator solves the equation that links the five calculator values. With the sign convention of financial calculators – money received is positive, money paid out negative – they balance to zero (NYU Stern, time value of money (secondary source)) (Texas Instruments, signs and payment timing):

PV\,(1+i)^N + PMT\,(1+i\,k)\,\frac{(1+i)^N-1}{i} + FV = 0

$i$ is the rate per period, I/Y ÷ 100 ÷ P/Y, with interest compounded once per payment period; $k = 1$ when payments are made at the start of each period (BGN) and $k = 0$ at the end (END). PV, PMT and FV follow from the equation directly and N with a logarithm. There is no formula for the rate, so the calculator searches between −99% and 1,000% a year for the rate at which the equation is zero. At a rate of 0% the middle term is simply $PMT \times N$ .

For cash flows, the net present value discounts each flow to time 0 and adds them; the internal rate of return (IRR) is the rate at which that sum is zero (Texas Instruments, NPV definition and calculation):

NPV = \sum_{t=0}^{T}\frac{CF_t}{(1+r)^t}

If the flows change sign more than once, there can be more than one IRR; the result then says so and shows the one closest to 0%. A bond on a coupon date is the same equation as above: N is the number of coupons, PMT the coupon per period, FV the face value, I/Y the yield to maturity with P/Y set to the coupons per year, and PV the price with a minus sign.

The keystrokes follow the manufacturers' guides. On the BA II Plus, I/Y is the interest rate per year and P/Y the payments per year; setting P/Y also sets C/Y (Texas Instruments, P/Y and C/Y) (Texas Instruments, BA II Plus guidebook). Cash flows go into its cash-flow worksheet, which holds CF0 and up to 24 further flows (C01–C24)(Texas Instruments, cash-flow worksheet) (Texas Instruments, cash-flow entries) (Texas Instruments, BA II Plus guidebook). The HP 12C takes the rate per period in i, computes a value when you press its key without keying in a number first, and holds CF0 and up to 20 further flows, each repeated up to 99 times with Nj (HP, HP 12C user's guide).

Worked example

The calculator opens with a loan: 250,000 over 30 years at 6% a year, repaid monthly, gives PMT = −1,498.88. Three more examples, one for each kind of calculation:

1. How many months to save 20,000?

Pay in 500 at the end of each month at 4% a year until the balance reaches 20,000: PV = 0, PMT = −500 (paid out), FV = 20,000 (received at the end), I/Y = 4, P/Y = 12. The rate per month is 0.003333; with $c = PMT \div i = -150{,}000.00$ ,

N = \frac{\ln\big((c - FV) \div (PV + c)\big)}{\ln(1 + i)} = \frac{\ln 1.133333}{\ln 1.003333} \approx 37.61

So 37 deposits are not quite enough. The BA II Plus shows N = 37.61; the HP 12C rounds a computed n up to a whole number and shows 38.

BA II Plus keystrokes

2ndCLR TVMSets N, I/Y, PV, PMT and FV to zero; P/Y and END/BGN stay as they were.
2ndP/Y12ENTER2ndQUITP/Y = 12 payments a year; this also sets C/Y to 12.
2ndBGN2ndQUITPayments at the end of each period: the display should show END. If it shows BGN, press 2nd SET before you quit.
4I/YI/Y = 4.00% a year
0PVPV = 0.00
500+|-PMTPMT = −500.00
20000FVFV = 20,000.00
CPTNComputes N.

Display: N = 37.61

HP 12C keystrokes

fCLEAR FINClears the financial registers n, i, PV, PMT and FV.
gENDPayments at the end of each period: BEGIN is not shown.
4g12÷12÷ divides the annual 4.00% by 12 and stores it: i = 0.3333% per period.
0PVPV = 0.00
500CHSPMTPMT = −500.00
20000FVFV = 20,000.00
nPress the key without keying in a number first: computes n.

Display: n = 38

The HP 12C rounds a computed n up to a whole number of periods (down only if the fraction is below 0.005), so it shows 38; the exact value is 37.6115.

2. NPV and IRR of uneven cash flows

An outlay of 4,200 now returns 1,250, 1,700, 2,200 at the ends of years one to three. At 7% a year the NPV is 248.93, and the IRR is 9.93%: the flows are worth more than they cost at 7%, and would break even at 9.93%.

BA II Plus keystrokes

CF2ndCLR WORKOpens the cash-flow worksheet and clears it.
4200+|-ENTERCF0 = −4,200.00 (now).
↓1250ENTER↓C01 = 1,250.00, F01 = 1 (already set).
↓1700ENTER↓C02 = 1,700.00, F02 = 1 (already set).
↓2200ENTER↓C03 = 2,200.00, F03 = 1 (already set).
NPV7ENTER↓CPTI = 7.00% per period: NPV = 248.93.
IRRCPTIRR = 9.9286% per period.

Display: NPV = 248.93, IRR = 9.93

HP 12C keystrokes

fCLEAR REGClears all registers, including stored cash flows.
4200CHSgCF0CF0 = −4,200.00 (now).
1250gCFjCFj = 1,250.00.
1700gCFjCFj = 1,700.00.
2200gCFjCFj = 2,200.00.
7ifNPVi = 7.00% per period: NPV = 248.93.
fIRRIRR = 9.9286% per period.

Display: NPV = 248.93, IRR = 9.93

3. The price of a bond

A bond with a face value of 100, a 5% coupon paid twice a year and 10 years to maturity has 20 coupons of 2.50. At a yield to maturity of 6% a year (3% per half-year) its price on a coupon date is 92.56: below the face value, because the coupon is lower than the yield.

BA II Plus keystrokes

2ndCLR TVMSets N, I/Y, PV, PMT and FV to zero; P/Y and END/BGN stay as they were.
2ndP/Y2ENTER2ndQUITP/Y = 2 payments a year; this also sets C/Y to 2.
2ndBGN2ndQUITPayments at the end of each period: the display should show END. If it shows BGN, press 2nd SET before you quit.
20NN = 20 periods
6I/YI/Y = 6.00% a year
2.5PMTPMT = 2.50
100FVFV = 100.00
CPTPVComputes PV.

Display: PV = −92.56

The price shows as a negative PV: the amount you pay for the bond. The BA II Plus also has a date-based Bond worksheet; these keys use the TVM keys, which work on a coupon date.

HP 12C keystrokes

fCLEAR FINClears the financial registers n, i, PV, PMT and FV.
gENDPayments at the end of each period: BEGIN is not shown.
20nn = 20 periods
6ENTER2÷iThe annual 6.00% divided by 2 (RPN: number, ENTER, number, operation): i = 3.00% per period.
2.5PMTPMT = 2.50
100FVFV = 100.00
PVPress the key without keying in a number first: computes PV.

Display: PV = −92.56

The price shows as a negative PV: the amount you pay for the bond. The HP 12C also has date-based PRICE and YTM functions; these keys use the TVM keys, which work on a coupon date.

How do the BA II Plus and the HP 12C differ?

Both calculators solve the same equations; they differ in how you enter them (Texas Instruments, TVM keys) (HP, HP 12C user's guide).

Time value of money and cash flows on the two calculators
Task	BA II Plus	HP 12C
Clear the TVM values	2nd CLR TVM	f CLEAR FIN
Interest rate	I/Y per year, with P/Y payments per year (C/Y follows)	i per period; g 12÷ divides an annual rate by 12
Payments at the start of each period	2nd BGN, 2nd SET (switches END and BGN), 2nd QUIT	g BEG (g END to switch back); BEGIN shows in the display
Change a sign	+\|-	CHS
Compute a value	CPT, then the key (N, I/Y, PV, PMT or FV)	The key alone (n, i, PV, PMT or FV), without keying in a number first
A computed number of periods	As calculated, with decimals	Rounded up to a whole number (318.15 shows as 319)
Cash flows	CF worksheet: CF0 and up to 24 more, Fnn for repeats	g CF0, g CFj: CF0 and up to 20 more, g Nj for up to 99 repeats
NPV and IRR	NPV, I, ↓, CPT; then IRR, CPT	i, then f NPV; f IRR
Arithmetic	Algebraic: 6 ÷ 4 =	RPN: 6 ENTER 4 ÷

If n is not a whole number, the HP 12C treats the fraction as an odd first period and uses simple interest for it unless the C indicator is on (HP, HP 12C user's guide). The calculator above then warns that the HP 12C result can differ.

Which calculator mistakes are common?

Old values left in memory. Clear the TVM values (2nd CLR TVM, f CLEAR FIN) or the cash flows (CF, 2nd CLR WORK; f CLEAR REG) before each new problem. On the BA II Plus, 2nd CLR TVM sets only N, I/Y, PV, PMT and FV to zero; P/Y and BGN stay as they were (Texas Instruments, BA II Plus guidebook).
The wrong P/Y. With P/Y = 12 left over from a monthly loan, an annual problem uses a twelfth of the rate per period.
BGN still on. Payments at the start of each period are worth (1 + i) times as much; check the display before you compute (Texas Instruments, signs and payment timing).
No sign change. To solve for the rate or the number of periods, at least one amount must be negative and one positive; otherwise there is no solution.
The rate as a decimal. Both calculators take 6 for 6%, not 0.06.
An annual rate in i on the HP 12C. For monthly payments, key in the annual rate and press g 12÷, or divide by the payments per year yourself.

Can you use an online financial calculator in the exam?

No. This page is a study aid: use it to check your own keystrokes and to see the steps behind a result. Which calculators you may use in the exam is set by CFA Institute for the CFA® Program and by GARP for the FRM® Exam; check their current calculator rules before you buy one, and practise on the model you will use on the day.

BA II Plus is a trade mark of Texas Instruments and HP 12C a trade mark of HP. The keystrokes on this page are our own description; the page does not reproduce either calculator, and neither company is connected with it.

What this tool covers

Last updated

30 October 2026

Based on

The time value of money, NPV and IRR equations (see the sources)
The guides of Texas Instruments for the BA II Plus and of HP for the HP 12C, for the keystrokes
Your own numbers; the default values are illustrative

Includes

Any one of N, I/Y, PV, PMT and FV from the other four, with payments at the end or the start of each period and 1 to 365 payments a year
NPV and IRR for CF0 and up to 20 later cash flows
A bond's price from its yield, or its yield to maturity from its price, on a coupon date
Worked steps and the keystrokes for the BA II Plus and the HP 12C

Not included

Accrued interest and prices between coupon dates (the calculators' date-based bond functions)
Compounding that differs from the payment frequency (C/Y other than P/Y)
Amortisation, depreciation and statistics functions
Which calculators an exam allows – check the exam body's current rules

Frequently asked questions

What does the online financial calculator calculate?

Any one of N, I/Y, PV, PMT and FV from the other four, NPV and IRR for up to 20 cash flows after CF0, and a bond's price or yield to maturity on a coupon date. Each result comes with worked steps and the keystrokes for the BA II Plus and the HP 12C.

Why is the payment negative?

Financial calculators balance money in and money out: money you receive is positive, money you pay is negative. For a 250,000 loan, PV is +250,000 because you receive it, and PMT is −1,498.88 a month at 6% a year over 30 years.

What do P/Y and C/Y mean on the BA II Plus?

P/Y is the number of payments per year and C/Y the number of compounding periods per year. Setting P/Y also sets C/Y to the same value. With P/Y = 12, enter I/Y as the rate per year and N as the number of months.

How do I enter the interest rate on the HP 12C?

As the rate per period. For monthly payments, key in the annual rate and press g 12÷. For other frequencies, divide the annual rate by the payments per year – 6 ENTER 4 ÷ for quarterly – and store the result with i.

How do I switch between END and BGN?

On the BA II Plus press 2nd BGN, then 2nd SET to switch between END and BGN, and 2nd QUIT. On the HP 12C press g BEG or g END; BEGIN shows in the display while payments are set to the start of each period.

Why does the HP 12C show a different number of periods?

The HP 12C rounds a computed n up to a whole number of periods (down only if the fraction is below 0.005), so 318.15 shows as 319. The calculator above shows both the exact value and the HP 12C display.

Can I use this online calculator in the exam?

No. It is a study aid that runs in a web page. Which calculators you may use in the exam is set by CFA Institute for the CFA® Program and by GARP for the FRM® Exam, so check their current calculator rules.

Does the calculator save my numbers?

No. The calculation runs in your browser. Your numbers appear only in the page address after the # sign, so you can share a result; they are not sent to us.

Sources

Texas Instruments: Solution 11254: Time Value of Money Functions (TVM) on the BA II PLUS and BA II PLUS PROFESSIONAL. Accessed 29 October 2026.
Texas Instruments: BA II PLUS Calculator guidebook: formats, values stored to 13 digits and the reset 2nd RESET ENTER (pp. 4–6); ten memories M0–M9 (p. 12); Time-Value-of-Money worksheet – defaults with P/Y and C/Y of 1, 2nd CLR TVM resets only N, I/Y, PV, PMT and FV, and entering P/Y also sets C/Y (p. 23); Cash Flow worksheet – CFo and up to 24 further cash flows, C01–C24 (pp. 42–43), and with several IRR solutions the one closest to zero is displayed (p. 46); Bond worksheet – ACT or 360 day count, one or two coupons a year (p. 52); Statistics worksheet – up to 50 data points, LIN, Ln, EXP, PWR and 1-V, sample (Sx) and population (σx) standard deviation (pp. 63–65). Accessed 30 October 2026.
Texas Instruments: Solution 11262: Different P/Y and C/Y Settings on the BA II PLUS PROFESSIONAL and BA II PLUS. Accessed 29 October 2026.
Texas Instruments: Solution 21590: Unexpected Answer Using the BA II PLUS and BA II PLUS PROFESSIONAL. Accessed 29 October 2026.
Texas Instruments: BA II Plus Guidebook: Cash Flow Worksheet. Accessed 29 October 2026.
Texas Instruments: BA II Plus Guidebook: Cash Flow Worksheet Variables. Accessed 29 October 2026.
Texas Instruments: Solution 11241: Computing Net Present Value (NPV) and Internal Rate of Return (IRR) Using the BA II PLUS and the BA II PLUS PROFESSIONAL. Accessed 29 October 2026.
Hewlett-Packard; copy kept by the HP Calculator Literature archive: HP 12C User's Guide (Edition 5, part number 0012C-90001): basic financial functions – n, i, PV, PMT, FV, BEG and END; a computed n rounded up, down only below 0.005 (p. 40); odd periods and the C indicator (p. 51); discounted cash flow analysis, CF0 and up to 20 further cash flows with Nj up to 99 (pp. 58–61), several IRR answers possible (p. 64; appendix B, p. 179); error conditions, Error 5 (p. 183); also the CLEAR keys (p. 18), RPN entry with ENTER (pp. 19–20), 20 data storage registers R0–R9 and R.0–R.9 (p. 23), date format D.MY or M.DY (p. 30), bond PRICE and YTM with semiannual coupons on an actual/actual basis (p. 66), Continuous Memory reset and the display format f 0–9 with calculations to 10 digits (pp. 70–71), mean, sample standard deviation and the step for the population standard deviation (pp. 77–79), linear estimation (p. 80), up to 99 program lines (p. 95) (April 2008). Accessed 30 October 2026.
Aswath Damodaran, NYU Stern School of Business (secondary source): A Primer on the Time Value of Money. Accessed 29 October 2026.

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High Performer Certs is an independent study platform. It is not affiliated with, endorsed by, or sponsored by CFA Institute or the Global Association of Risk Professionals (GARP). We are not a CFA Institute Prep Provider and not a GARP Exam Preparation Provider. CFA Institute does not endorse, promote, review or warrant the accuracy or quality of our products and services. GARP does not endorse, promote, review or warrant the accuracy of our products or services. All questions and explanations are our own original material and contain no CFA Institute or GARP exam, curriculum or practice questions. CFA®, Chartered Financial Analyst®, CIPM® and GIPS® are registered trademarks owned by CFA Institute. FRM® and GARP® are trademarks owned by the Global Association of Risk Professionals.

Calculator

How it is calculated

BA II Plus keystrokes

HP 12C keystrokes

Key facts

How is the result calculated?

Worked example

1. How many months to save 20,000?

BA II Plus keystrokes

HP 12C keystrokes

2. NPV and IRR of uneven cash flows

BA II Plus keystrokes

HP 12C keystrokes

3. The price of a bond

BA II Plus keystrokes

HP 12C keystrokes

How do the BA II Plus and the HP 12C differ?

Which calculator mistakes are common?

Can you use an online financial calculator in the exam?

What this tool covers

Frequently asked questions

What does the online financial calculator calculate?

Why is the payment negative?

What do P/Y and C/Y mean on the BA II Plus?

How do I enter the interest rate on the HP 12C?

How do I switch between END and BGN?

Why does the HP 12C show a different number of periods?

Can I use this online calculator in the exam?

Does the calculator save my numbers?

Related tools and pages

Sources