This is a tool that enables you to convert between interest rates using the given compounding frequency. Enter the nominal annual interest rate, the effective annual interest rate or the interest rate for the compounding period (e.g. monthly rate if the compounding frequency is monthly) and calculate the other two.

In more detail, the information that can be entered and/or calculated is:

• The nominal annual interest rate. This is usually expressed in percentage terms (unless the formatting is explicitly set to express it as a decimal).
• The compounding frequency, which specifies how often interest is compounded per year. The possible values for the compounding frequency are annual (default), semiannual, quarterly, monthly, weekly, daily or continuous.
• The effective annual interest rate. This is usually expressed in percentage terms (unless the formatting is explicitly set to express it as a decimal).
• The periodic interest rate, which is the interest rate for the period specified by the compounding frequency, unless the frequency is continuous, when the periodic rate cannot be calculated and is ignored if entered. On the tool form, the rate is usually expressed in percentage terms (unless the formatting is explicitly set to express it as a decimal).

Associated tool link: http://www.coggit.com/tools/interest_rate_converter.html