Solution 11209: Converting to Annual Percentage Rate (APR) or Annual Effective Rate on the BA-35 Solar.
How do I convert EFF to APR on the BA-35 Solar?
To convert APR to EFF or vice versa on the BA-35 Solar, please refer to the example below.
A bank is offering a certificate that pays a nominal interest rate of 15% with quarterly compounding. What is the annual effective interest rate?
• Use [MODE] to set the calculator to the financial mode (FIN appears in the display.)
• Enter 15 for the APR.
• Press [2nd][EFF].
• Enter 4 for the number of compounding periods per year (c/yr) for the APR.
• Press [=] to calculate the EFF which is 15.8650415.
Please see the BA-35 Solar guidebooks for additional information.