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Another way of defining APY is that it represents the real rate of return you can earn in one year if interest is compounded. And the more often interest is compounded, the higher the APY will be ...
“Most credit unions call the money it pays you for keeping your money on deposit at the credit union a dividend,” according to mycreditunion.gov. It’s the same as a bank’s interest rate ...
You know APR and APY as the three-letter acronyms hiding in tiny font at the bottom of a credit card application or investment prospectus. But no matter how small the print, it's unlikely that you ...
Key financial terms like APY and APR can be confusing to interpret, especially when factored into the true cost of borrowing money or the parameters of spending it. Whether you are looking for a...
The fact that a fixed-rate mortgage has a higher starting interest rate does not indicate that it is a worse type of borrowing than an adjustable-rate mortgage. If interest rates rise, the ARM will cost more, but the FRM will cost the same. In effect, the lender has agreed to take the interest rate risk on a fixed-rate loan.
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