apr vs apy for dummies

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Interest Rates vs. APRs Points Banks use both APR and APY in advertising their deposit accounts and loan offers, but there’s a key difference in the way they calculate the two figures: apy accounts for the effect of compound interest, while APR does not.

APR is Annual Percentage Rate. APR doesn’t take into account the compounding nature of a loan like APY does. With APY, the interest is charged on top of old interest.

APY is similar to APR or Annual Percentage Rate. The difference is APY is used with deposit accounts where you are earning the interest and APR is used to describe the rate you pay on loans. APR also factors in loan fees that must be paid, which is not applicable in APY calculations for deposit accounts.

The annual percentage rate is much more effective, as it uses the interest rate and rolls in any other costs to finance the loan, providing a much more holistic view. When you apply for a loan, you should always be able to see both the interest rate and the APR.

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Banks use both APR and APY in advertising their deposit accounts and loan offers, but there’s a key difference in the way they calculate the two figures: APY accounts for the effect of compound interest, while APR does not. An auto loan’s interest rate is the cost you pay each year to borrow money expressed as a percentage.

Annual percentage yield (APY) tells you how much you earn-or pay-with compound interest. Here’s how it works, sample calculations, and a comparison to APR.. Credit card loans are an excellent example of the importance of understanding APR vs. APY.

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