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In today’s video, we look at the difference between APR and APY. The definition of APR is “Annual Percentage Rate” and is interest that does not take compound interest into account. The definition of APY is “Annual Percentage Yield” and does account for compound interest. APY is generally associated with savings and APR is generally associated with loans. Banks use APY for communicating interest earned on savings accounts because it gives the most accurate representation of the amount of money earned. Here’s the problem: APR doesn’t give an accurate representation of interest earned because it doesn’t account for compound interest. If a $10,000 loan is taken out at 10% APR, the yearly interest paid would be $1000. However, if that interest is compounded daily instead of yearly, the effective interest rate becomes 10.53% APY and the actual amount of interest paid per year is $1053. Unfortunately, many banks use APR to make the interest rate on debt seem not nearly as bad. It’s important to never look only at APR as the rate you may pay on a loan could be much greater. Timestamps: 0:00 - Intro 0:30 - Explanation of APY vs. APR 1:19 - Boat Loan Example 1:51 - The Misleading Truth 2:01 - Sponsor: The Dictionary 2:28 - Alcohol vs Gatorade Analogy 3:12 - Compare Apples to Apples 3:43 - Favorite Birthday Dinner? 3:57 - Outro #APRvsAPY #interestrate #compoundinterest 📒 Notes and Resources 📒 ⚡️OTHER VIDEOS THAT YOU MAY LIKE⚡️ 🎬7 Reasons You Need a Budget in 2021: https://youtu.be/LZJOxQmnCfs 🎬6 Tips for Keeping a Successful Budget: https://youtu.be/k3OUa0h-eRE 🎬How to Make Your First Budget Ever: https://youtu.be/nGUuGy5WQXE 🎬Dave Ramsey's Baby Steps of Personal Finance: https://youtu.be/obczZb_aaYI ⚡️GET FINANCIAL COACHING⚡️ If you need some help with getting your debt worked out, set up a session with me. I legitimately want to help. www.balefinancialcoaching.com ⚡️FOR INQUIRIES⚡️ For business and coaching inquiries, hit me up: [email protected] ⚡️CHECK OUT THE BLOG⚡️ http://balefinancialcoaching.com/blog/ What's one way to improve your finances today? Get started on a budget! That'll make one of the biggest impacts on your life that you can possibly make. Come budget with me and we'll learn together! There is so much freedom in a budget which makes me excited to teach about it. Financial education is the beginning of making your financial goals come to life. But action is what will actually make them happen. Congratulations on taking the first step! If you need some extra help, I'm always available. I'm a financial coach trained by Ramsey Solutions to help people like you with controlling their money. My goal is to give you hope in your own situation. It's okay to need help. Set up a session with me on my website balefinancialcoaching.com. Like this video as it’s one way YouTube knows to suggest it to others. And Subscribe and hit the notification bell! Then you’ll be notified as I make more videos to help you make a difference with your finances. ⚡️DISCLAIMER⚡️ Do your own research. My content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional financial advisor when considering your retirement options. Though I teach financial principals, I am not an investment advisor and none of my advice constitutes legal, tax, or investment as a professional. Everything I share is based on my own research and is intended for your benefit. ⚡️DOWNLOAD MY FREE KINDLE BOOK⚡️ Graduated and Clueless: How to live like an adult when life is confusing https://www.amazon.com/Graduated-Clueless-live-adult-confusing-ebook/dp/B07GH1XTRW/ref=sr_1_1?dchild=1&keywords=caleb+bale&qid=1609779396&sr=8-1 ⚡️EQUIPMENT I USE⚡️ This is the equipment I use with Amazon affiliate links. If you choose to purchase anything using these links, you will not be charged anything financially, but will be able to support my channel in a small way! Sony A7S II: https://amzn.to/38PM8Sl Neewer 660 LED bicolor lights: https://amzn.to/3o4KB1a Rokinon 12 mm lens: https://amzn.to/38Qpauy Magnus VT 4000 tripod: https://amzn.to/3aXmNsj Rode Video Mic: https://amzn.to/3b0nfWI //PNG TREE// Facebook like button image was used with permission of PNGtree.com. https://pngtree.com/freepng/facebook-like-icon_3584862.html

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