Browsing All posts tagged under »APY«

Calculating Interest and the Daily Balance method

February 27, 2011


I was looking at the American Express High Yield Personal Savings Account and I realized I did not understand the difference between APR and APY. So today I took the time to learn the fundamentals of calculating interest. First off what does APR and APY represent? APR is the acronym for “Annual Percentage Rate” which […]