Is the Saving Product's "Nominal annual interest" always expressed as annual percentage rate (APR)?
Answer by sangamesh · Dec 15, 2014 at 07:05 AM
Yes, correct "Nominal annual interest" is expressed as Annual percentage rate (APR)
Answer by nayan · Dec 16, 2014 at 08:32 AM
@helen Mifos does not compute APR for loans, Similarly for savings also one can't directly specify APY.
Here, "Nominal annual interest" means, periodic rate of interest, where period is equal to one year
APR: http://www.investopedia.com/terms/a/apr.asp
APY: http://www.investopedia.com/terms/a/apy.asp
APR vs APY: http://www.investopedia.com/articles/basics/04/102904.asp