Explore the contrast between APR and APY. Gain a clear understanding of these terms, their definitions, and the crucial distinctions between them.

APR speaks specifically to the cost of borrowing ... the higher the frequency of compounding, the greater the difference between the two. This is part of why APYs and APRs have come to find ...

Below, is an overview of all the terms you may need to know: Quick tip: The difference between APR and APY is that they apply to different banking products. APR is used to describe interest rates ...