Is the Saving Product's "Nominal annual interest" always expressed as annual percentage rate (APR)?
Is the Saving Product's "Nominal annual interest" always expressed as annual percentage rate (APR)?
Yes, correct "Nominal annual interest" is expressed as Annual percentage rate (APR)
@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
