You have likely seen these two similar-sounding terms, APY and APR, when looking into decentralized finance products.
Before getting into annual percentage yield , let’s first understand what compound interest is. Put simply, it means earning interest on the previous interest. In the example above, if the financial institution pays interest to your account monthly, your balance will look different during each of the twelve months of the year.
The power of compounding is more impressive over more extended periods. After three years, you would end up with $19,309 with the same 20% APR product with daily compounding. That’s $3,309 more interest earned than that same 20% APR product without compounding. In sum, APR is a simpler and more static metric: It’s always quoted as a fixed yearly rate. But APY incorporates interest earned on interest, or compound interest. It changes according to the compounding frequency. One way to memorize the difference is to remember that “yield” has five letters and also represents the more complex concept .From the example above, you can see that more interest can be earned when interest is compounded.
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2 of the most commonly used terms in Crypto finance and surely a lot of people are not aware of the difference. Binance breaking it down into simple terms for the laymen here ☝️👆
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APR and APY are important financial metrics. APR is the annual percentage rate, representing the interest rate earned or paid over a year. On the other hand, APY (annual percentage yield) accounts for compound interest, which is earned on previous interest. The frequency of…
Understanding the difference between APY and APR can be crucial in making informed decisions when it comes to investing in cryptocurrencies. Our agency can provide you with the knowledge and expertise you need to navigate this complex landscape. 👌
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