Annual percentage yield
I'd like to know the APY of the account cause that will give me a better idea of where I'll be at the end of the year.
|APR||Annual percentage rate|
|agi||Adjusted gross income|
|ARM||Adjustable rate mortgage|
|cd||Certificate of deposit|
|ROI||Return on investment|
APY is an acronym that stands for annual percentage yield, which is the amount of interest a person gains from keeping money in an account over the course of a year. APY includes compounding interest, which may occur monthly (every month), quarterly (every three months), or semi-annually (every six months).
APY is similar to APR, which is used for loans such as credit card accounts and home mortgages. However, APY does not take into account any fees like APR does, only the compounding interest.