APY Calculator

Enter the interest rate and the compound frequency of an loan or credit to calculate the equivalent to calculate the annual interest yield (APY).

APY Formula

The following formula is used to calculate the APY of a credit or loan:

APY = (1 + r/n)n – 1

  • Where APY is the annual interest yield
  • r is the rate of return
  • n is the number of compounding periods per year

It’s important to note that APY is different from APR. APY takes into account the compounding effect of interest, where APR simply multiplies or divides the yearly rate into months or vise-versa.

Let’s take a look at a real world example of how to calculate APY.

Time needed: 5 minutes.

How to calculate APY

  1. Determine the interest rate (%)

    This is given by the bank or credit card company

  2. Determine the number of times that rate is compounded per year

    If the interest rate is a yearly rate, then the APY = the interest rate given, otherwise it will be different.

  3. Enter the values into the calculator above

    Solve for the Annual interest yield

FAQ

What is APY vs APR?

APY is a measure of the annual interest rate taking into account the compounding factor of interest where APR does not take into account the compounding factor.

Is APY Calculated Monthly?

APY is specifically a yearly metric.

What should a saving account APY be?

The highest you can possibly find. The higher the APY the better the return.

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