Review: Victor 6500 Loan Calculator, HP 48G Retro Month
Victor 6500 Review
Quick Facts
Company: Victor
Year Introduced: about 2010, still in production
Battery: Solar and 1 AA battery
Digits: 12
Memory Registers: 2: Independent (M) and Grand Total (GM)
Cost: About $20.00 to $25.00 US
Product Page: https://www.victortech.com/product/6500
It is rare that a desktop calculator features advanced financial or scientific functions, and that is what attracted me to the Victor 6500. The keys respond quickly which allows for fast typing. The display has room for 12 large digits which makes reading the display easy.
Features
* Fix Display Switch: Float, 0, 2, 4, Add Mode
* Round Setting Switch: cut (always round results down), 5/4 (regular rounding rules are followed), up (always round up)
* Time Value of Money - will be discussed next
* %, Δ%, √
* Tax Rate: setting, TAX+, TAX-
* Double Zero Key
Memory Registers
There are two memory registers:
Independent Memory (M). This the traditional memory register that comes with most desktop calculators. Included are M+ and M-. Recall and clear are combined in one key RCM.
Grand Total (GT). The grand total memory is activated every time the equals key is pressed.
Time Value of Money
The Victor 6500 have four finance keys:
Loan = PV
Pmt = Payment
Years = number of years = n * PYR
Int = annual interest rate
The cash flow convention (inflow/outflow) is not followed, all results are positive. The number of payments per year is set through the P/Y setting.
What is missing is the FV (future value) key, which leaves out some of the finance problems involving calculating balance or balloon payment. However, we can still do a lot of calculations on the Victor 6500 fairly easier. Here are several example calculations. In these examples, the Victor 6500 is set to 2 Decimal Places with 5/4 rounding mode.
Example 1: Calculating Payment of a Loan
Loan: 345,000.00
Years: 30
Interest Rate: 3.3%
[ ON/C ] [ ON/C ]
345000 [ Loan ]
30 [ Years ]
3.3 [ Int ]
[ Pmt ] returns 1,510.95
Example 2: Calculating Payment of a Loan with a Down Payment
Loan: 260,000.00 with 15% down
Years: 27
Interest Rate: 3.2%
[ ON/C ] [ ON/C ]
260000 [ - ] 15 [ % ] [ Loan ]
27 [ Years ]
3.2 [ Int ]
[ Pmt ] returns 1,019.53
Example 3: PITI (Payment with Principal Interest Taxes Insurance)
Loan: 300,000.00
Years: 30
Interest Rate: 3.25%
Annual Property Tax: 2,121.00
Annual Property Insurance: 541.00
[ ON/C ] [ ON/C ] [ MRC ] [ MRC ]
300000 [ Loan ]
30 [ Years ]
3.25 [ Int ]
[ Pmt ] [ M+ ]
2121 [ + ] 541 [ = ] [ ÷ ] 12 [ = ] [ M+ ]
[ MRC ] (once)
PITI: 1527.45
Verdict
I like the Victor 6500 since it offers a time value of money solver on a desktop calculator form. I wish Victor would have included the future value variable. The keys are fast and responsive. The keyboard is pretty light but also feel stable.
I am working on posting additional examples for the Victor 6500 in the near future.
HP 48G Retro Month - July 2021
For the month of July 2021, every Saturday from July 10 to July 31 will have a post on the legendary HP 48G/48GX/48G+ calculator.
Next post will be on July 10, 2021 (taking the Fourth of July weekend off). Have a great day and thank you!
Eddie
All original content copyright, © 2011-2021. Edward Shore. Unauthorized use and/or unauthorized distribution for commercial purposes without express and written permission from the author is strictly prohibited. This blog entry may be distributed for noncommercial purposes, provided that full credit is given to the author.
