Finance becomes a heck of a lot easier when we know how to use our financial calculator. This is a walkthrough of how to use the Queen's University recommended finance calculator (SHARP EL-738XT).

Understanding Financial Variables

Before diving into the calculator itself, let's break down the key financial variables you'll frequently use:

• N: Represents the total number of payments or periods. For instance, if you're considering a 5-year loan with monthly payments, N would be 5 x 12 = 60.

• I/Y: Stands for the interest rate per year. 

• PV: The present value, or the initial amount of money. In investment scenarios, this could be the initial investment. In loan scenarios, it's the loan amount.

• PMT: This denotes the payment amount per period. For annuities or loans, it represents the regular payment amount.

• FV: Future Value. If you're thinking about how much an investment will be worth in the future, this is the number you're after.

• P/Y: Payments per year. For monthly...