
Mastering Your Money: Understanding the Difference Between APY and APR
When it comes to financial terms, it’s easy to get overwhelmed by the sheer number of new vocabulary words you need to understand. In addition, there are a number of acronyms that get tossed around in conversations about finances that confuse matters even further. Two such terms are APR and APY. While these sound similar, they’re generally used for two very different purposes. In this article, we’ll dig into the distinction between the two, explain why they matter, and equip you with a little bit of knowledge to help you make better financial decisions. Continue reading