HP 12C Financial Calculator by Hewlett Packard
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Digital camera reviews of HP 12C Financial Calculator
Digital camera Review: A classic workhorse
Summary: 5 Stars
This device is a timeless classic, and for good reason. While you can find more powerful and feature-rich financial calculators, none can match the near flawless blend of form and function that this unit offers. Since its introduction in the early 80's, it has been the hands down favorite of practically all serious financial professionals. With a little know-how on your part, this unit can be used to tackle a nearly endless array of financial problems, from simple time-value-of-money calculations to more complex situations such as yield-to-call on putable bonds and so on.Many of the more modern units use menu-driven interfaces to simplify some of the data entry, but frankly I like the 12C approach better because, in the end, you feel like you understand the results more clearly. In other words, it forces you to think about what you're doing just a bit more, but the slight extra effort pays dividends in the form of a more solid understanding of the results and the methods used to get those results.
As has been stated in numerous other reviews, you should be aware that this unit uses Reverse Polish Notation (RPN) as its sole data entry method. Once you get used to it, you will never want to go back to the algebraic method of entry. But it does take just a bit of effort to familiarize yourself with it if you've never used it before.
Rather than going on and on, basically just repeating what many have already said, let me just say that, after using many financial calculators, including the TI BA35II and HP's own 17BII, the 12C is my personal favorite, followed somewhat closely by the 17BII. Although the TI offers good value, to me it lacks the polish and professionalism that HP brings to the table. Nevertheless, I concede that the value-oriented consumer would do well with the TI. But I wholeheartedly endorse the HP 12C as my personal recommendation.
One last point regarding the calculation accuracy of this unit. The December 27, 2002 review by cairns73 (see below) claims that this unit makes mistakes when calculating the payment amount with a non-integer number of payment periods. With all due respect to the reviewer, that statement is simply not correct. By default, the 12C calculates the payment amount with simple interest accruing during the odd period. But this mode of operation can be changed in order to accrue the odd period interest using compound (as opposed to simple) interest. To do so, simply press STO then EEX. After doing so, a small "C" appears in the display to indicate that compound interest will be used for odd period calculations. This easily takes care of the "mistake."
Digital camera Review: A good experiance
Summary: 5 Stars
The order came as promiced in great condition. the experianced will make ordering in the future a plesent experiance. I bought it as a gift and the party who recieved it loved it.Digital camera Review: A grand calculator
Summary: 5 Stars
Maybe it's not a scientific calculator, but for general business calculations, this does the job. And, perhaps more importantly, the elegant, high-class look of the HP12C makes your office look professional.Digital camera Review: A must have
Summary: 5 Stars
I've had mine for 18 years now and only changed batteries once and I bought it used from someone who couldn't grasp true logic calc functions of RPN for just a few bucks. I have dropped it many times, lost the !2C emblem, been rained on, kicked around in lockers, briefcases, floorboards and still keeps going. If HP ever stops making this model as is, they would be big fools. Anyone who ever wants to refinance or obtain loans must get and learn how to use it. Look on your banker's desk and chances are, there is an HP12C sitting there. Good handy tool for financial planning and bonds. I ought to buy another as a spare, but it just might be good for another decade or so. If only other HP products were as long lived as this calculator....Digital camera Review: A must-have for the CFA, but otherwise look at HP 42s
Summary: 5 Stars
I guess most folk looking at this page are looking for calculators for the CFA in which case the 12C is an easy decision (because anything more advanced is disallowed). People will tell you the TI is easier to use but my HP 12C took me no more than a couple of hours to fully figure out. Your mileage may vary but I'd highly recommend it. If nothing else it will definitely impress your colleagues and seniors after the CFA when you use this workhorse instead of the TI contraption because the latter sounds like a cop out on to the easier path (I am serious).You may want to take HP's RPN functionality for a ride, which may be overwhelming for the uninitiated at first. Try it on a few longish calculations. You will find it faster than the usual notation and less error prone (no brackets to keep track of, everything is linear, no storage). Once you get the hang of it, you will find it indispensible. I bet this is one of the top reasons why people who like HP 12C adhere to it for a long term.
If however you are looking at financial calculators in general for work or personal stuff, then I'd strongly recommend the HP 42s. This is because 28s was discontinued despite being the best that HP has ever produced, and the uber-powerful 48GX with the additional ROM card from springer/Holland is astounding but if you need that level of functionality then let's face it -- you need excel/mathematica/matlab on a powerful laptop :) ...so, in terms of immediate calculations, shape, portability, ease of use, simplicity and speed of getting, say, a Black/Scholes done, memorizing a smile, computing an implicit vol, memorizing an interest rate curve and a surface vol -- go with the 42s.
Oh, did I mention that HPs have the longevity of cockroaches? I've had mine for 10 years now. Buy a calculator you like and will use, otherwise it is an expensive coaster.