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Banking Term: Annual Percentage Yield (APY)

Dec 24, 2014 16:23 IST

    Definition: It is the percentage rate that reflects the total amount of interest, which is paid on deposit account on the basis of interest rate and frequency of compounding for 365 days in a year.

    Multiple Choice Questions

    The interest rate charged per period multiplied by the number of periods per year is called………………..? 

    1. effective annual rate
    2. annual percentage rate
    3. periodic interest rate
    4. compound interest rate
    5. daily interest rate

    Ans. B

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