Beginning and Ending - Most common mistake

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Posted by John Behle on August 28, 2002 at 01:26:39:
In Reply to: difference in finacial calculators posted by ed reardon on August 28, 2002 at 00:59:47:
Your calculations are right - if you were from Canada. But the software is right if you are from the US.
The difference is the manner of calculation of the interest. In the US we use "End" mode because we charge interest after the money has been borrowed. In other words, if it is borrowed for a month, then at the end of the month we charge interest for that time period.
In Canada and some other UK and European countries, they charge the interest first and use the "begin" mode - which gives you different numbers.
I can't remember how to change it on a TIBA-35. I'm an HP fan all the way. When you change that setting, then you will get the same figures as the software program and the correct ones for the US.

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Re: Beginning and Ending - Most common mistake ed 02:18:55 8/28/2002 (0)

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