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Interest Rate Converter

Interest Rate Converter
  • #: 169980
  • Price: $0.99 In Apple Store
  • Category: Finance
  • Updated: 2011-04-07
  • Current Version: 2.0
  • 2.0
  • Size: 0.10 MB
  • Language: English
  • Seller: PS Ventures Limited
  • Requirements: Compatible with iPhone, iPod touch, and iPad. Requires iOS 3.0 or later
  • © PS Ventures Limited
  •  Add to Favorite apps

 

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.

What's New in Version 2.0

iPad Version now included.
Added decimals to interest rates.

iPhone Screenshots

Interest Rate Converter iPhone Screenshot 1
Interest Rate Converter iPhone Screenshot 2
Interest Rate Converter iPhone Screenshot 3
Interest Rate Converter iPhone Screenshot 4
Interest Rate Converter iPhone Screenshot 5

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The information may be outdated (2017-03-08 10:52:07). For actual information go to iTunes

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