Please clarify European resistor value notation for me

Hi - Can somebody please verify that my understanding of European
resistor value notation is correct? My understanding is that the
magnitude (K/M) replaces the period, so 1K = 1K0, 1.2K = 1K2, 15M =
15M0. Also, when there isn't a magnitude (value under 1K) then an R is
added to the end - so 500 ohms = 500R, 10 ohms = 10R.

Is this all correct?

Why are there two different notation schemes? To me the European
version seems unnecessarily complicated. I just don't see a need for
it.

-Mike

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