- Home /
- Product Support /

Is the Saving Product's "Nominal annual interest" always expressed as annual percentage rate (APR)?

Comment

**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

Copyright © 2010-16 DZone, Inc. - All rights reserved.

- Anonymous
- Sign in
- Create
- Ask a question
- Create an article
- Spaces
- Community Engagement
- Developer Zone
- Financial Inclusion
- Help
- Partner Forum
- Product Support
- Soporte en Español
- Explore
- Topics
- Questions
- Users
- Badges