APR vs. APY: What’s the difference?

Ally Financial reports APR is the cost of borrowing, while APY reflects earnings on deposits, aiding financial comparisons ...
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APR vs. APY: Understand the Difference and Why It Matters

To break it down, APY is the interest you earn on money stored in a savings account, while APR is the interest charged that you owe when you borrow money from the bank. It’s important to know the ...