I find it hard to believe that the app doesnt support decimals
Estimation application downloads and cost
Description
Convert interest rates from one period length to another.
Convert between yearly, half yearly, quarterly, monthly, fortnightly, weekly and daily rates.
Converting compound interest rates from one period length to another is not as easy as one may think e.g. converting from a yearly interest rate to a monthly interest rate is not as simple as dividing between 12. This is because no interest would be calculated on the interest earned in previous months i.e. interest is not correctly compounded.
Example: 1,000 at an annual rate of 12% should yield 1,120 after one year. Using a monthly rate of 1% would calculate as follows:
Month bf interest cf
Jan 1,000.00 10.00 1,010.00
Feb 1,010.00 10.10 1,020.10
Mar 1,020.10 10.20 1,030,30
Apr 1,030.30 10.30 1,040,60
May 1,040.60 10.41 1,051.01
Jun 1,051.01 10.51 1,061.52
Jul 1,061.52 10.62 1,072.14
Aug 1,072.14 10.72 1,082.86
Sep 1,082.86 10.83 1,093.69
Oct 1,093.69 10.94 1,104.62
Nov 1,104.62 11.05 1,115.67
Dec 1,115.67 11.16 1,126.83
This is clearly not correct as 6.83 too much interest has been calculated
The same calculation using a monthly rate of 0.94888% calculated by this app gives a correct closing balance of 1,120.
This app quickly and easily calculates the interest rate you need.
Read more
Convert between yearly, half yearly, quarterly, monthly, fortnightly, weekly and daily rates.
Converting compound interest rates from one period length to another is not as easy as one may think e.g. converting from a yearly interest rate to a monthly interest rate is not as simple as dividing between 12. This is because no interest would be calculated on the interest earned in previous months i.e. interest is not correctly compounded.
Example: 1,000 at an annual rate of 12% should yield 1,120 after one year. Using a monthly rate of 1% would calculate as follows:
Month bf interest cf
Jan 1,000.00 10.00 1,010.00
Feb 1,010.00 10.10 1,020.10
Mar 1,020.10 10.20 1,030,30
Apr 1,030.30 10.30 1,040,60
May 1,040.60 10.41 1,051.01
Jun 1,051.01 10.51 1,061.52
Jul 1,061.52 10.62 1,072.14
Aug 1,072.14 10.72 1,082.86
Sep 1,082.86 10.83 1,093.69
Oct 1,093.69 10.94 1,104.62
Nov 1,104.62 11.05 1,115.67
Dec 1,115.67 11.16 1,126.83
This is clearly not correct as 6.83 too much interest has been calculated
The same calculation using a monthly rate of 0.94888% calculated by this app gives a correct closing balance of 1,120.
This app quickly and easily calculates the interest rate you need.
Interest Rate Converter screenshorts
ASO analyse Interest Rate Converter app for iPhone and iPad
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Competitors of Interest Rate Converter application
Application availability
Available in countries
| Country | Price |
|---|---|
| Canada | 1.39 CAD |
| China | 6 CNY |
| France | 1.09 EUR |
| Germany | 1.09 EUR |
| Italy | 1.09 EUR |
| Netherlands | 1.09 EUR |
| Portugal | 1.09 EUR |
| Spain | 1.09 EUR |
| Poland | 1.09 EUR |
| UK | 0.99 GBP |
| India | 80 INR |
| Japan | 120 JPY |
| Russia | 75 RUB |
| Turkey | 3.49 TRY |
| USA | 0.99 USD |
| Korea, Republic Of | 1.09 USD |
| Ukraine | 0.99 USD |
Available for devices
iPhoneFirstGen, iPodTouchFirstGen, iPodTouchSecondGen, iPhone3G, iPhone3GS, iPadWifi, iPad3G, iPhone4, iPodTouchThirdGen, iPodTouchFourthGen, iPad2Wifi, iPad23G, iPhone4S, iPadThirdGen, iPadThirdGen4G, iPhone5, iPodTouchFifthGen, iPadFourthGen, iPadFourthGen4G, iPadMini, iPadMini4G, iPhone5c, iPhone5s, iPadAir, iPadAirCellular, iPadMiniRetina, iPadMiniRetinaCellular, iPhone6, iPhone6Plus, iPadAir2, iPadAir2Cellular, iPadMini3, iPadMini3Cellular, iPodTouchSixthGen, iPhone6s, iPhone6sPlus, iPadMini4, iPadMini4Cellular, iPadPro, iPadProCellular, iPadPro97, iPadPro97Cellular, iPhoneSE, iPhone7, iPhone7Plus, iPad611, iPad612,Reviews
No support for decimal places??????
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