Can someone explain exactly what APY technique for a funds narrative?
I opened a stash account beside a bank and the APY is 4.50%What does that niggardly?
Answers: Annual Percentage Yield (APY) is Similar to Annual Percentage Rate(APR)
Defining APR and APY
APR is the annual rate of interest without taking into description the compounding of interest within that year. Alternatively, APY does cart into account the effects of intra-year compounding. This seemingly subtle difference can hold important implication for investors and borrowers. Here is a look at the formulas for each method:
For example, a credit card company might charge 1% interest respectively month; therefore the APR would equal 12% (1% x 12 months = 12%). This differs from APY, which take into account compound interest. The APY for a 1% rate of interest compounded monthly would be [(1 + 0.01)^12 – 1= 12.68%] 12.68% a year. If you simply carry a match on your credit card for one month's period you will be charged the equivalent every twelve months rate of 12%. However if you carry that set off for the year, your effective interest rate become 12.68% as a result of the compounding each month
APY= annual precentage relinquish
What Happens to my credit score/rating when you complete a loan without missing payments? Does it boost it?
Answers: No it does not boost it but any future creditors will view you as a suitable candidate for a loan if you can afford the repayments and if you have previously repaid in time
Any financial transaction where you've stuck to the contract earns you Brownie points.
I owe phone company 650.00 8years after that collecter voice I stipulation to retribution 1700.00 because interest who should I name
phone company is no longer validAnswers: the citizens advice bureau they will transport you through every step give you your option and lend support!
good luck