Common Terms

Annual Percentage Rate (APR) - Cost of credit on a yearly basis which is expressed as a percentage, resulting from an equation that considers three factors: the amount financed, the finance charge and the term of the loan. According to the federal Truth in Lending Act, every consumer loan agreement must disclose the APR prominently.

Annual Percentage Yield (APY) - Total amount of dividends paid based on the dividend rate and compounding frequency for 365 days.

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"APY" refers to Annual Percentage Yield
"APR" refers to Annual Percentage Rate

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