[VIDEO]: Annual Percentage Rate vs Annual Percentage Yield

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In How credit cards works: 6 things you should know, I mentioned that the interest you pay on your credit cards is generally higher than the one advertised by financial institutions. I then introduced the notions of Annual Percentage Rate (APR) and Annual Percentage Yield (APY), which can be applied to all credit products (e.g. mortgages, personal loans, etc). So in order to help you visualize what I was writing about, I decided to share this short educational video on APR vs. APY.  Take a look at it and tell me what you think!

 

Credits: Investopedia

 

 

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