# BA II Plus calculator for SOA Exam FM A free BA II Plus-style calculator for SOA Exam FM: annuity-immediate and annuity-due values, sinking funds, loan outstanding balances, and bond pricing. Note: the SOA calculator list is Texas Instruments only — the HP 12C is not permitted. Canonical URL: https://exclam.ai/exam-fm/ba-ii-plus-calculator/ [Tools](https://exclam.ai/tools/index.md)/Exam FM BA II Plus calculator Free SOA Exam FM interest-theory practice Drill the interest-theory keystrokes actuaries lean on for Financial Mathematics. This browser calculator gives you the TVM worksheet for annuity-immediate and annuity-due values, sinking funds, loan outstanding balances, and bond pricing — the same workflow you will run on your approved TI on exam day. [Start tutorial](https://exclam.ai/exam-fm/ba-ii-plus-calculator/index.md#tutorial) [Exam FM examples](https://exclam.ai/exam-fm/ba-ii-plus-calculator/index.md#fm-examples) ## SOA calculators are Texas Instruments only — the HP 12C is not permitted The Society of Actuaries permits only Texas Instruments models: the BA-35, BA II Plus, BA II Plus Professional, TI-30Xa, TI-30X II, and TI-30XS / TI-30XB MultiView. The HP 12C — common among CFA candidates and bankers — is**not on the SOA list, and bringing one is a disqualifying calculator**. If you are switching over from finance, retire the HP 12C for actuarial exams and practice on an approved TI. Confirm the current policy at [soa.org calculator policy](https://www.soa.org/education/exam-req/exam-day-info/edu-calculators/). Exam FM interest-theory drills between ADAPT sessions Annuity-immediate and annuity-due present/accumulated values Sinking-fund and loan amortization checks Bond pricing at a premium or discount ## Fast Exam FM example To value a level annuity-immediate of 1,000 per year for 10 years at 6% effective, keep P/Y and C/Y at 1 and store **10 N**, **6 I/Y**,**1000 PMT**, **0 FV**, then press **CPT PV**. The result, -7,360.09, is 1,000 times a-angle-10 at 6%. Load beside calculator ## Set up the BA II Plus for interest theory Click any step to load its keystrokes beside the calculator. The Exam FM workflow is about clean setup: clear the worksheet, work in effective per-period rates, and keep your cash-flow signs straight before you compute. ### 1. Clear the TVM worksheet first Before every interest-theory problem, clear the five TVM registers so a stale FV from your last annuity does not leak into the next one. On a physical BA II Plus that is 2ND then FV (CLR TVM). 2NDCLR TVM Result: N, I/Y, PV, PMT, FV = 0 ### 2. Keep one payment per period Exam FM problems are stated per period at an effective rate, so set P/Y and C/Y to 1. Then I/Y is the effective rate per period and N is the number of periods — the annuity-immediate and annuity-due formulas map straight onto the keys. 1P/Y Result: Effective per-period mode ### 3. Enter the effective rate and term For a 10-period annuity valued at an effective 6% per period, store 10 in N and 6 in I/Y. The BA II Plus treats I/Y as an effective rate once P/Y and C/Y are both 1. 10N6I/Y Result: Worksheet primed ### 4. Mind the cash-flow signs Payments received and payments made take opposite signs. Enter a level annuity payment of 1000 as PMT, leave FV at 0, and CPT PV returns a negative present value — the price you would pay to receive that annuity-immediate. 1000PMTCPTPV Result: -7360.09 ### 5. Switch to BGN for an annuity-due Interest theory calls a payment at the start of each period an annuity-due. Toggle the calculator to BGN mode (2ND PMT) and the same keystrokes value the due form, one period earlier than the immediate form. 2NDBGN2NDSET Result: BGN indicator on ### 6. Read the outstanding balance After solving a loan payment, the amortization worksheet gives the outstanding balance after any period. That balance equals the prospective present value of the remaining payments — the same number you would get from the retrospective method. 2NDAMORT Result: Balance = PV of remaining payments ### Exam FM keystroke checklist Clear TVM between problems so a prior FV or PMT never carries over. Keep P/Y and C/Y at 1 and treat I/Y as the effective per-period rate. Use opposite signs for money received (annuity value) and money paid (payments). Toggle BGN for annuity-due and END for annuity-immediate before you compute. Cross-check the calculator answer against the interest-theory formula on hard items. ## Exam FM worked examples Click an example to slot its setup, keystrokes, answer, and note beside the calculator. These are original practice items, not official SOA questions, and every answer is computed by the same math that runs the calculator surface. Interest theory: present value of an annuity-immediate ### An annuity-immediate pays 1,000 at the end of each year for 10 years. At an annual effective rate of 6%, what is its present value? Set P/Y = C/Y = 1 so I/Y is the effective per-period rate. Store N = 10, I/Y = 6, PMT = 1000, FV = 0 in END mode, then CPT PV. 1 P/Y10 N6 I/Y1000 PMT0 FVCPT PV Answer: -7,360.09 This is 1,000 times a-angle-10 at 6%. The value is negative because it is the price paid to acquire the annuity. Interest theory: accumulated value of an annuity-due ### A saver deposits 500 at the beginning of each year for 15 years earning 5% annual effective. What is the accumulated value at the end of year 15? Switch to BGN for the annuity-due. Set P/Y = C/Y = 1, store N = 15, I/Y = 5, PMT = 500, PV = 0, then CPT FV. BGN15 N5 I/Y500 PMT0 PVCPT FV Answer: -11,328.75 This is 500 times s-double-dot-angle-15 at 5%. With positive deposits the calculator returns the accumulated value with the opposite sign. Interest theory: sinking-fund deposit ### You must accumulate 100,000 in a sinking fund over 8 years. The fund earns 7% annual effective and deposits are made at the end of each year. What level deposit is required? Set the target as the future value. Store N = 8, I/Y = 7, PV = 0, FV = 100000 in END mode, then CPT PMT. 8 N7 I/Y0 PV100000 FVCPT PMT Answer: -9,746.78 The deposit equals 100,000 divided by s-angle-8 at 7%. It is negative because each deposit is an outflow into the fund. Loan amortization: outstanding balance (prospective) ### A 20,000 loan at 8% annual effective is repaid with 10 equal year-end payments. What is the outstanding balance immediately after the 4th payment? Store N = 10, I/Y = 8, PV = 20000, FV = 0 and CPT PMT to get the level payment (-2,980.59). Then open 2ND AMORT and read the balance at period 4. 10 N8 I/Y20000 PVCPT PMT2ND AMORTP=4 Answer: 13,778.91 The prospective outstanding balance is the payment times a-angle-6 at 8%, and it matches the retrospective calculation to the cent. Fixed income: bond price at a premium ### A 10-year, 1,000 par bond pays an 8% annual coupon in semiannual installments and is priced to yield 6% convertible semiannually. What is its price? Work in semiannual periods: N = 20, I/Y = 3 per period, coupon PMT = 40, redemption FV = 1000, then CPT PV. 20 N3 I/Y40 PMT1000 FVCPT PV Answer: 1,148.77 The 4% per-period coupon exceeds the 3% per-period yield, so the bond sells above par at a premium. Interest measurement: nominal to effective rate ### A rate is quoted as a nominal 8% convertible quarterly. What is the equivalent annual effective rate? Use the interest-conversion worksheet (2ND ICONV): enter the nominal rate 8 with 4 compounding periods per year and read the effective rate. 2ND ICONVNOM 8C/Y 4CPT EFF Answer: 8.2432% Equivalently (1 + 0.08/4)^4 - 1 = 8.2432%. Interest theory writes this relationship as (1 + i) = (1 + i(4)/4)^4. exclam.ai BA II Plus-styleChn · DEG · DEC 5 0 0.00000 QUITCPTSETENTERDEL↑INS↓ = 2NDPBCFNFVNPVDPBIRR → xP/YNP/YI/YAMORTPVBGNPMTCLR TVMFV K% √x x² 1/xRAND÷ HYPINVSIN(COS)TANyˣx!× eˣLNDATA7STAT8BOND9nPr- ROUNDSTODEPR4Δ%5BRKEVN6nCr+ RCLDATE1ICONV2PROFIT3ANS= CLR WORKCE/CMEM0FORMAT.RESET+/- Ready · Chn · DEG · DEC 5 Loaded example ## Present value of a level annuity-immediate Fast interest theory Value 1,000 per year for 10 years at an effective 6%. Keep P/Y and C/Y at 1, store 10 N, 6 I/Y, 1000 PMT, 0 FV, then CPT PV. 1 P/Y10 N6 I/Y1000 PMT0 FVCPT PV Result: -7,360.09 I/Y acts as the effective per-period rate once P/Y and C/Y are both 1. Fast interest theoryPresent value of a level annuity-immediateTutorialClear the TVM worksheet firstTutorialKeep one payment per periodTutorialEnter the effective rate and termTutorialMind the cash-flow signsTutorialSwitch to BGN for an annuity-dueTutorialRead the outstanding balanceExam FM exampleInterest theory: present value of an annuity-immediateExam FM exampleInterest theory: accumulated value of an annuity-dueExam FM exampleInterest theory: sinking-fund depositExam FM exampleLoan amortization: outstanding balance (prospective)Exam FM exampleFixed income: bond price at a premiumExam FM exampleInterest measurement: nominal to effective rate TVM worksheet NI/YPVPMTFVP/YC/Y mode END (annuity-immediate) Effective per-period rate: **0.000000%** Loan amortization & outstanding balance Show first payments | t | Interest | Principal | Outstanding balance | | --- | --- | --- | --- | The outstanding balance column is the prospective present value of the remaining payments. Solve a loan payment with CPT PMT above, then read any period's balance here. Nominal-to-effective rate conversion Exam FM constantly asks you to move between a nominal rate convertible m times a year and the annual effective rate. Enter a nominal rate and its compounding frequency to see the equivalent annual effective rate — the BA II Plus ICONV worksheet does the same thing. Nominal rate (%)Compounds / year (m) Annual effective rate 8.2432% ## Outstanding-balance curve As you amortize a loan on the TVM worksheet, the outstanding balance falls toward zero. The curve is the prospective present value of the payments still to come — the picture behind every outstanding-balance question on Exam FM. Figure: Outstanding balance over the loan term Outstanding balance Hover or focus a point to inspect the curve. ## Studying more than the calculator? Exam FM rewards drilling — annuities, amortization, and bond math until the keystrokes are automatic. Feed exclam.ai your FM manual or notes and it lays out a dated drilling schedule to your sitting: quizzes, spaced review, and catch-up on whatever you keep missing, built from your own material. The calculator itself stays free, no login. ## Exam FM calculator FAQ Is the BA II Plus allowed on Exam FM? Yes. The Society of Actuaries lists the Texas Instruments BA II Plus, including the BA II Plus Professional, among the models you may bring into an Exam FM sitting. The SOA calculator list is Texas Instruments only, so confirm the current policy at soa.org before your exam day. Can I use the HP 12C for actuarial exams? No. The SOA permitted-calculator list is Texas Instruments only. The HP 12C is not on it, and bringing one into an SOA sitting is a disqualifying calculator. If you are a career-changer who already owns an HP 12C from CFA or banking work, you cannot use it for Exam FM — pick up an approved TI model instead. BA II Plus vs TI-30XS MultiView for Exam FM? Both are on the SOA list. The BA II Plus has a dedicated TVM worksheet (N, I/Y, PV, PMT, FV) that turns annuity and loan problems into a few keystrokes. The TI-30XS MultiView has no TVM keys, but its multi-line display and table feature help candidates who prefer to evaluate interest-theory formulas such as a-angle-n or force-of-interest expressions directly. Many Exam FM candidates carry the BA II Plus for speed and keep a scientific TI as a formula backup. Which SOA exams allow a financial calculator? The SOA publishes one permitted-calculator list that applies across its written-answer and multiple-choice exams, including Exam FM (Financial Mathematics). The list is Texas Instruments only: BA-35, BA II Plus, BA II Plus Professional, TI-30Xa, TI-30X II (IIS or IIB), and the TI-30XS / TI-30XB MultiView. Always check soa.org for the version in force for your sitting. Is this an official SOA or Texas Instruments calculator? No. This is an independent BA II Plus-style practice calculator that runs in your browser. It reproduces algebraic entry and the TVM worksheet workflow without Texas Instruments firmware or copied assets, and it is not affiliated with the SOA or with the Coaching Actuaries / ADAPT ecosystem. Calculator policy verified against the SOA at [soa.org/education/exam-req/exam-day-info/edu-calculators](https://www.soa.org/education/exam-req/exam-day-info/edu-calculators/). Always confirm the list in force for your sitting. Texas Instruments, TI, and BA II Plus are trademarks of their respective owner; SOA and Exam FM are marks of the Society of Actuaries. exclam.ai is independent and not affiliated with, sponsored by, or endorsed by Texas Instruments or the Society of Actuaries. This page is an educational calculator workalike.