On HP 10bII+ financial calculator, there is I/YR and NOM%.
Whats the difference between these two ? If a interest rate given in 7%, is that nominal interest rate or I/YR ? If they both mean one and same thing, can I use any one of them while doing mortgage calculations ?
I don't see any board to ask this question. So I am putting this question here. Can Administrator of this forum, please put this question at right place ?
Page 79 of the HP 10bII+ User Guide says, "In the TVM application, [NOM%] and [I/YR] share the same memory." So the answer to your question, "Can I use any one of them while doing mortgage calculations?" is Yes. The I/YR key is primarily intended for use during ordinary TVM calculations, whereas the NOM% key is primarily intended for conversion between nominal interest rates (same as I/YR) and effective interest rates (EFF%). Pages 79-81 in the User Guide cover these rate conversions.
Hope that helps! Disclaimer: I don't work for HP. I am just another happy HP calculator user.