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02 - APR vs. APY: What's the Difference?
Manage episode 517762327 series 3696022
A tartalmat a First Century Bank biztosítja. Az összes podcast-tartalmat, beleértve az epizódokat, grafikákat és podcast-leírásokat, közvetlenül a First Century Bank vagy a podcast platform partnere tölti fel és biztosítja. Ha úgy gondolja, hogy valaki az Ön engedélye nélkül használja fel a szerzői joggal védett művét, kövesse az itt leírt folyamatot https://hu.player.fm/legal.
APR and APY sound almost the same, but one costs you money while the other makes you money. In this episode, Daniel and Shanna demystify these common but confusing acronyms with clear, real-world examples. We'll explore what APR (Annual Percentage Rate) really means for borrowers and why it includes more than just the interest rate. Then, we'll flip the script to explain how APY (Annual Percentage Yield) accounts for the magic of compounding interest, helping your savings grow faster. This is a foundational episode that will make you a smarter consumer and a more effective saver.
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