Hi Tom,
Yes I think this is kind of confusing because it does not say what you are configuring with that values. I will try to give you an explanation hoping this be more clear.
Referring to the reference manual in the section 38.3.2 I2C Frequency Divider register (I2Cx_F) we see that the register I2Cx_F has two fields:
-MULT --> This one configures the divider factor of the Bus clock. Leaving this MULT = 00 the Internal frequency = Bus Clock.
-ICR --> This value indicates the value of the SCL divider. The bits 0-2 and 3-5 correspond to the low and high part of the ICR register. You can check the SCL values corresponding to the ICR value in the Section 38.4.1.10 I2C divider and hold values.

The equation to determinate the I2C baud rate (SCL frequency in Processor Expert) is:
I2C baud rate = bus speed (Hz)/(mul × SCL divider)
Here is an example to apply the equation:
bus speed (Hz) = 24 MHz = 24 000 000 Hz
mul = 0 (in this case this when we set Internal frequency = Bus Clock in the Internal frequency (multiplier factor) in Processor Expert)
SCL divider = 240 (Check the table 38.41 The ICR we set in PEx is 0-2 = 111 3-5 = 011 this ICR= 011111 = 0x1F)

Applying the values in the equation:
24 000 000 / (1 * 240) = 100 000 Hz = 100 KHz
I hope this information can help you.
Regards,
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