HP-12C Viewing the manual shows the following when entering interest in a financial calculation.

Assume the problem has a interest rate of 13%

Enter 13 on the numeric keys.

Enter control key "g"

Press the interest key which enters "13%" divided by 12

or 1.08333 which is correct as far as it goes.

I have always been taught that 13% is = .13 decimal.

Nowhere can I see that the 12C automatically converts the %

decimal.

Am I missing something? Thanks for your answers

Hi. The interest rates on the 12c (and most financial calculators) are expressed as you see in the manual, i.e., 13% is 13; 10% is 10.

When you divide by 12, you will see 10/12 or 0.8333, etc.

The calculator always does the "divide by 100" when it uses the interest rate.

Gene is right. To put it a different way, the 12C only uses **periodic interest rate** (no assumption is made about how many payments are made per annum)

In contrast, most of the other HP financial calculators accept only an **annual interest rate**, and a separate entry must be made for how many annual payments occur.

Most (like the 10B) will default to 12 P/Y when reset.

True, but even those where you specify the interest rate take interest input as 10 and not 0.10.

:-)