Bank interest interview..?

My bank agreement say that I have a fixed interest rate of 3.93% next to an AYP of 4%. Does that mean that when it is compounded (daily) it will be timed by 3.93% and at the fall of the year timed by 4%? I think I own it confused.

I hold doomed to failure credit, can...


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Not reasonably, i think BUT .07 percent is subsequent to no diffrence anyway, so unless youre talkin bout 1oo,ooo$ or more , why worry.

Hi, I own be strugglin for some...



Answers:    I'm not sure exactly how the American system works, but it sounds like the 4% is a comparison rate.

Basically, 3.93% is the amount charged/earned on a day by day basis, but after you whip into account fees, charges, and compounding of interest, it will ACTUALLY be 4%.

That's really that rate you wanna look at when you bring back into a finance contract because it will outline how much here is in fees, and the difference between how it is calculated.

For example - on a nest egg account a high AYP will mean that the interest is calculated and rewarded more often where on earth as, - on a credit contract it will be the amount of interest charged after all the fees hold been charged as very well.

Hope that helps somewhat.

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