Quote:
|
Originally Posted by Stick It In Him
Are you sure? I thought with an APY of 4.15% on one grand, you would get $41.50, making the APR slightly less than 4.15%. The APY takes the compounding interest into account, while the APR does not. I could be wrong.
|
Doesn't APR stand for Annual Percentage Rate? take APR divide by 12 you get ~.35% time that to 1000 and you get something like $3.50 for month 1 then in Month 2 your time $1003.50 by ~.35% and so on and it gets a little over $42.
then again I guess the APY and APR are two different things so you could be correct