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What’s the difference between APR and APY besides one letter?

What’s the difference between APR and APY besides one letter?

To most people knowing the difference between Annual Percentage Rate (APR) and Annual Percentage Yield (APY) doesn’t seem like a big deal, but that one letter at the end of those two acronyms can make a big difference financially. It’s important to note that knowing the difference between APR and APY could save consumers, hundreds…