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Financial calculators

What types of financial calculators are there?

There are different types of financial calculators that adapt to the specific needs of users. Among the most common are basic, scientific and programmable calculators.

Basic financial calculators are the simplest and usually include basic functions such as addition, subtraction, multiplication, and division. In addition, they can have basic financial functions such as calculating percentages, simple and compound interest, among others.

Scientific financial calculators offer more advanced functions than the basic ones, such as trigonometry, statistical calculations, regression analysis, probability calculations, among others. These calculators are ideal for college students and professionals who need to perform complex mathematical calculations in their daily work.

Finally, programmable financial calculators are the most advanced of all, allowing the user to program custom functions and save calculation sequences for later use. These calculators are typically used by financial professionals, accountants, and mathematicians who need to perform specific calculations repetitively.

In addition to these types of financial calculators, there are also calculators specialized in specific areas such as engineering, architecture, medicine, among others. These calculators have specific functions for each field and are designed to meet the needs of users in those areas.

What is the difference between a scientific calculator and a financial calculator?

Scientific and financial calculators are two mathematical tools that are used to solve different problems in specific fields. The main difference between them lies in the functions and characteristics they offer for each type of calculation.

First of all, scientific calculators are designed to solve complex mathematical operations that are used in disciplines such as physics, chemistry, engineering and mathematics. These calculators usually have trigonometric, logarithmic, exponential, square roots, integral, derivative functions, among others. They also have memory to store temporary results and allow calculations to be made in scientific notation.

On the other hand, financial calculators are specifically designed to perform calculations related to the economic and financial field. These calculators usually have functions such as calculation of simple and compound interest, amortization, investment analysis, net present value (NPV), internal rate of return (IRR), among others. In addition, they have special keys to calculate monthly loan payments, asset depreciation, cash flow, among other financial aspects.