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rewona [7]
3 years ago
8

In dire need of help with APR and APY! Please Help!

Mathematics
1 answer:
Sedbober [7]3 years ago
6 0
<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><span>For example, a credit card company might charge 1% interest each month; therefore, the APR would equal 12% (1% x 12 months = 12%). This differs from APY, which takes into account compound interest. The APY for a 1% rate of interest compounded monthly would be 12.68% [(1 + 0.01)^12 – 1= 12.68%] a year. If you only carry a balance on your credit card for one month's period you will be charged the equivalent yearly rate of 12%. However, if you carry that balance for the year, your effective interest rate becomes 12.68% as a result of compounding each month.</span>
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