What percent am I getting each month in interest for my online banking account?
Posted May 18th, 2009 by admin 2 Comments »
SF Giants Fan Forever asked:
I have an online banking account that recieves 5% APY and the Interest rate is 4.89%.
I have an online banking account that recieves 5% APY and the Interest rate is 4.89%.
What exactly is APY, and what is the 5% used for. What is the interest rate per month? Do you just divide 4.89% by 12?