Sharp EL738C 10Digit Financial Calculator

Posted In: Amortization

Kareem Zannini says...

I am new to Finance and i agree with the previous two reviewers that this is a great calculator from what i have seen so far. I especially love the NPV and IRR calculation when i compare this to the TI-BAII PLUS. The keys are soft touch, the color layout is great and all in all i have found this very easy to use. The price is great when you compare this to A TI-83 or similar.

Posted on August 10, 2010

Alisha Mcmath says...

I bought this calculator for my MBA finance exams. It's easy to use the time value of money, IRR, DCF, etc, functions and I really like it. My only concern is that the battery died after 3 months of use - not sure if it was a duff battery or if the calculator needs a lot of power (or doesn't turn itself off after periods of inactivity).

Posted on August 12, 2010

Raymond Gryszowka says...

I haven't really explored my calculator since buying it a year ago.I'm a college student in BA.I find the time value of money calculations very simple.The Stat functions are clean enough.I used to use an RPN calculator, and I miss doing it that way instead of brackets.I'd prefer to see my intermediate answers instead of the formula entered.



The calculator comes with a fold-over vinyl cover.I found that looked cheap and got in the way.I pulled the cover off and use it to carry index cards.The calculator bounces around loose in my briefcase or pocket and can take it.It's been stepped on (with socks) and ignored it.The glass display window doesn't pick up scratches.It's a lot more elegant looking without the cheap vinyl cover, and has no-slip feet behind the glued-on cover.



Several reviews are unhappy with the battery.Mine is still good after more than a year.



The keystrokes to set various settings are non-obvious.If you lose your manual you can download another.Things like setting it to a floating decimal need the book (why would the default be fixed??)

Posted on August 12, 2010

Alva Womeldorf says...

I'm returning this product unopened because it is incorrectly described.According to the description, it requires one AA battery to operate.That was an important feature to me.But it really requires button cells.

Posted on August 13, 2010

Madonna Manka says...

This is a great calculator and I really suggest any college student majoring in business to buy this calculator.If you can learn to use it, it will make work much easier.

Posted on August 14, 2010

Gregorio Guild says...

Good calculator for the price.I do not find the steps to calculate mortgage payments as easy to remember as my previous financial calculator, but basically I am satisfied with this calculator.

Posted on August 15, 2010

Beth Lechuga says...

I love my calculator ... it works perfectly, thank you very much.I made an 108% on my first exam.

Posted on August 17, 2010

Jessenia Neiling says...

Despite some really handy features, the Sharp EL-738 seems to be largely overlooked by consumers. This may be because the manufacturer seems to have made virtually no effort to market the calculator. I personally would not have considered it if I have not been dissatisfied with a competing product from HP that I had purchased several weeks previously. Even then, I had to make a determined effort to research the Sharp, because there is little information available about the product online.



The competing product I had purchased was the HP 10BII. I had bought it with some confidence, having previously owned two HP calculators with which I had been quite satisfied. But this time, it was different. After several days of using my new HP 10BII, I noticed with alarm that I was making frequent input errors. I traced the problem to the 6 key: If tapped lightly on the right side, it works, but if tapped lightly on the left side, it does not enter any digits at all. This discovery was a real disappointment, and I soon started to feel pangs of buyer's remorse. Wistfully, I window-shopped online for the two alternatives I could have chosen instead - a really stylish silver TI financial calculator, and the Sharp EL-738.



Noting some user complaints about the TI calculator's keys, I focused my attention on the Sharp, which is priced significantly lower anyway. Unable to find much information on the product, I resorted to perusing the user manual, which I found on one of Sharp's web sites. Based on the manual, the EL-738 seemed like a pretty good product. This observation was consistent with my previous experience with Sharp calculators: I have owned two BASIC-programmable Sharp calculators in years gone by, and they were very satisfying toys indeed. So I took the plunge and ordered the Sharp EL-738. Though it has a few annoying features, I believe I made a good choice overall. Here's why:



1.The keys are a bit on the soft side for my liking, but after several weeks of frequent use, they have proven entirely dependable.

2.The 2-line display allows you to see the figures you have just entered, along with the result of your calculation, allowing you to double-check your work as you go. The HP does not offer this convenience, as it has only a single-line display.

3.For interest rate calculations, your can enter a nominal interest rate that compounds at a frequency that differs from the payment frequency. This is a common situation with mortgages, for example, where the nominal rate compounds semi-annually, but the payments are monthly. The Sharp calculator seems less confusing than the HP in this regard. However, when re-evaluating a cash flow, you may need to change the compounding frequency, which is easy enough. But you just have to remember to do it at the right point in the procedure, or you'll get an incorrect result.

4.To compute a missing financial value, you need to press the "Comp" key before pressing the key that represents the unknown value. While this requires an additional keystroke, the advantage is that you will never be confused about whether you are inputting or computing. For me, the "Comp" key makes the Sharp less confusing than the HP. The Sharp also has a Recall key, as does the HP.

5.Calculating loan amortizations is straightforward, and you can easily scroll through successive periods.

6.The EL-738 offers an assortment of built-in scientific functions - which I personally don't use. In contrast, the HP seems to offer no built-in scientific functions at all.

7.This unit comes with a semi-hard plastic cover permanently attached, which you can fold over the keys when you place the calculator in your pocket or briefcase. It protects the keys, and it looks tidy, but it's not particularly elegant. Nonetheless, it is far superior to the HP's soft case which is too tight, and barely fits the calculator. I can say that the HP's unsatisfactory cover did not dispose me kindly toward the manufacturer, to put it mildly.



On the down side, the Sharp's display offers only 10 digits. I find that sufficient for my own use, but it's two less than the HP's 12-digits. So if you need to compute interest rates to the closest 10-billionth of a percent, forget the Sharp. However, the Sharp does allow you to limit the number of decimal places that will be displayed in calculation results, if that's any consolation.



What I find a bit more annoying is that you have to make a special effort to convert a nominal interest rate to an effective rate, and vice versa. The HP is better on this count. Fortunately, the Sharp procedure is really simple. Anyway, this kind of conversion is not usually necessary on the Sharp, as the calculator takes care of the interest rate conversion fuss automatically for most loan calculations.



Another annoyance is that the manual does not provide examples of more complex calculations, such as calculating the market value of an offer where a purchaser is proposing a vendor take-back mortgage at an interest rate that differs from the market rate. The Sharp does this with ease, but the manual won't tell you how. Granted, most calculator manuals tend to be similarly skimpy. Nonetheless, it's a pity that while a few extra pages in the manual would have added very little to the product cost, they could have allowed enough room to properly explain the impressive power of this calculator.



Finally, my last gripe is that amortization results cannot be stored in a memory location for further computations. For example, if you want to know the outstanding balance of a loan after 5 years, it's easy enough to calculate. But if you want to make further calculations, you have to write down the result, then exit the amortization function, and then type in the OSB again. This certainly is an annoyance, though I have grudgingly gotten used to it.



Oh, one last thing: If you want a calculator that makes you look like a stylish financial services professional, get the HP or the TI. The Sharp's keypad graphics sacrifice style in favor of functionality. But while the look may be a bit nerdy, at least the keypad markings are easy to see. On the other hand, if you have no concern for appearances, and just want to get on with your job, then the Sharp will undoubtedly prove satisfactory.



Overall, the Sharp's practicality and ease of use far outweigh its minor shortcomings. Having used both the HP and the Sharp, I can say that they are both good calculators, but the Sharp is the calculator that I depend on.



(To be fair to HP, they did promptly and courteously replace their calculator after I made a warranty claim because of the defective keypad.)



Paul Francis Musgrave, author of Indispensable Marketing Strategies - How to Outwit Your Competition, Attract and Retain Customers, and Multiply Your Profits - Powerful Marketing Strategy Secrets for Profitable Small Business Management

Posted on August 17, 2010