HP 12C Financial Calculator by Hewlett Packard
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Digital camera reviews of HP 12C Financial Calculator
Digital camera Review: College Professor Rates HP 12C
Summary: 5 Stars
For the past 28 years, I have taught various courses in real estate which required the use of a financial calculator, specifically "Real Estate Finance" and "Income Property Appraisal." Although there have been many calculators come available during this period of time, I have yet to find one that matched the overall applicability of the HP 12C to the various real world problems in these areas. My students are amazed that this hand held machine can compute not only monthly payments and amortization (P&I distribution for any period of time) but also unpaid balances, the effect of mortgage "points" on the APR, internal rate of return for uneven cash flows, net present value, just to name a few. For appraisal purposes, the programmable feature is great as there are prepared programs available that can compute "capitalization" rates incorporating many of the typical assumtions of investors. I always recommend that my students buy this particular calculator although faster and more recent models are available. In fact, I have had students return years later and tell me that mastery of that particular financial calculator and its ability to compute the six functions of money at interest was one of the best things they learned in their four years in the college of business. Of course there are "tons" of financial programs out there on the "net"; however, the ease and quickness with which this calculataor can be used is still great. I too wish HP would keep this model available and upgrade it for speed. It still serves my purposes well in my teaching responsibilities and various related ares.Charles P. Cartee, Ph.D.
Digital camera Review: Dinosour's tool; CFA Exam requires it
Summary: 3 Stars
Let's be real, what financial professional uses calculator over computer (answer:the one who grew up w/o computers)!
Designed in the 1980s and with electrical engineer's origins, this calculator uses Reverse Polish Nottion which is neither intuitive (to non-engineers) nor useful, if you are used to solving problems algebraically. It's continued use is supported by professors and professionals who grew up in the are before computers.
For students: I recommend a cheaper HP ot TI (BA II Plus) versions, as most of the finance work is done on computers, so you need calculators only for in-class exercises.
For finance professionals: Ditto!
If you need to take the CFA exam, they still require this machine.
Otherwise, the calculator is sturdy, works well (although slow on complex calculations) and is widely used.
Digital camera Review: Easy and Logical to Use
Summary: 4 Stars
First of all, the HP-12C is easy to use. Data is entered using RPN, other reviewers have covered this. The big advantage over more modern calculators is the very logical and easy way to access the procvided functionality. No searching throug menus and no remembering of function names. The functions needed most in daily life (as a student or rofessional) are directly accessible through the clearly labeled keys.
Of course there are some points I like less. Eg the very limited operation stack (depth of 4) and I am not too pleased with the way HP's once outstanding quality is going. My model has a slightly bent case. Not enough to really worry me, but the calculator is never sitting firmly on the 4 rubber pads. In contrast to some other reviewers I have no problems with the keys, but I do agree that they used to have a more solid feel in earlier days.
Digital camera Review: Easy to use workhorse
Summary: 5 Stars
I completed 3 actuarial science courses at university in the early 60's and had to do all the calculations with tables. I would have sold my soul for an HP12C at that time.When the model first came out I bought it immediately although I no longer really had a need for it. I have had no regrets. This calculator and its scientific sister the 11C have a design chasis that has not been improved on.
This calculator is not for the novice. Many business friends bought the HP 12C and could not make use of it either because of the reverse polish notation or because they did not really understand the mathematics of finance.
The feature of the calculator that I most like is that the functions are hard keyed rather than menu driven. I somewhat disapprove of the fact that the interest rate has to be entered as a per cent rather than in decimal form but I am not enough of a purist to lose any sleep over it.
As for the reverse polish notation (RPN). I won't buy a calculator for my own use unless it has it. People who can't adapt to it have no instinct for mathematics or arithmetic and don't persist long enough to see the advantage of being able to calculate without the need for brackets. HP still is number one in the calculator business when it comes to functionality and quality. One only has to look at the resale value of HP RPN calculators on ebay to see the high prices that old models command in spite of the more powerful devices that are now available. This is an expensive calculator which I recommend whole heartedly but it is pricey and prospective buyers should look at what is available before commiting themselves.
Digital camera Review: Every MBA student and grad should get one
Summary: 5 Stars
While I don't have an MBA, it's hard to believe that a calculator I learned how to use in 1987 during undergraduate business courses is still the standard for the quick calculating financial world. Any finance professional over 30 will know how to use this, and in a pinch, you might need to know how to use it. I know the TI-8x series has financial functions and the graphic capabilities may make those calculators worthwhile. But for most financial pros, if it can't be done on an HP12C, then you probably need a computer.The RPN system isn't hard to learn (at a basic level it works similar to an adding machine), and the functions on this calculator take input and spit out output in a way similar to Excel (i.e. negative numbers for payments and positive for future value, etc.). I found mine the other day after not using it for a while and immediately used it for a discounted cash flow quick analysis I was later planning to do in Excel. It told me the on-the-fly answer I needed.