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Interest Rate Converter at Mac App Store analyse
PS Ventures Limited
Version
2.0
Size
149.31 Kb
Updated
9 years ago
Released
19 Jul 2010
Screenshots
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.
Estimates
Availability
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
Pricing by country
| 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 |
Reviews
All reviews →No support for decimal places??????
I find it hard to believe that the app doesnt support decimals
