What is a financial calculator?
A financial calculator is a small electronic calculator that helps you calculate your financial figures. These calculators allow you to perform various calculations related to money, investments, taxes and other financial matters. They are used to make decisions about investments, calculate loans, analyse tax returns and more.
Most people use a basic calculator for their daily needs, but if you have a need to do more advanced calculations such as compound interest or financial investments, then you will want to look into getting a financial calculator.
To do these financial calculations you can either use an online financial calculator or buy a physical calculator. This does not mean that these one version is better than the other however, just that it may be easier and cheaper, for you to access the online version.
The best financial calculators come with a wide range of features that allow users to perform all kinds of calculations using different functions. They can also be used for automated financial planning processes that generate reports based on user inputted data.
How is it different from a regular calculator?
A financial calculator is different from an ordinary calculator because it has a lot of functions that are specific to the financial market. For example, a financial calculator will have functions to help you calculate interest rates, inflation rates, stock prices, and more. These functions make it easier for people who deal with finances on a regular basis.
Who uses financial calculators?
Financial calculators are often used by accountants, bankers and lawyers who work with businesses or individuals who want to know what their taxes will be or whether they should buy or sell shares in stocks or bonds.
Financial calculators can also be used by individuals who want to make better investment decisions or by small business owners who want to grow their businesses but don’t have the time or skill set necessary to do the accounting tasks on their own.
How to use a financial calculator?
The exact steps of using a calculator vary for different kinds of financial calculators and what you are trying to accomplish. For instance in an epf interest calculator you want to know about your provident fund savings whereas in an emi calculator you may want to know your emi amount based on the interest rate. However, generally you would follow these two steps:
- The first step in using a financial calculator is to enter the numbers into the machine. You will need to know how many coins rupees amount, what date it was made and how many are in circulation today. You may also want to enter other information such as interest rates and inflation rates. This information will help you create a monthly budget or determine how much money you have left over at the end of the month.
- Once you have entered all of this information into your financial calculator, you can use it to perform any number of calculations on your data. You may want to use tables to find out how much interest you need to pay on your loan or how much money it would take just so long before you would have enough money for another vacation trip or new car purchase.
