[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 804 KB, 1652x2046, draymoooo d.jpg [View same] [iqdb] [saucenao] [google]
53415337 No.53415337 [Reply] [Original]

Is APY applied to current amount remaining or original statement amount?
Example:
Borrow $100 at 5%
Pay $50 immediately
At month's end will I owe $5 or $2.5?

>> No.53415504

>>53415337
neither, you fucking nigger.
apy is annual. and its based on average amount outstanding
since you paid off 50 bucks immediately, the balance is 50 for 30 days.
5%*(30/365) is roughly the simple interest charged. it's more complicated if its compounded daily or some other jew shit.

>> No.53415539

>these are the inhabitants of /biz/
No wonder none of you losers make money.

>> No.53415541

>>53415337
generally the current amount remaining, but read the details of the agreement. also it could be compounding daily or monthly or anything in between.