Personal

Whether you’re building your savings or borrowing toward your ambitions, it’s important to understand how to calculate interest rates.
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Defining APY and APR

APY and the benefit of compounding interest in deposit accounts

 

Interest earned

Account balance

1 Year

$465

$15,465

2 Years

$944

$15,944

3 Years

$1,438

$16,438

4 Years

$1,948

$16,948

5 Years

$2,473

$17,473

APR and the expense of borrowing money

Mortgages:

Credit cards: