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APR/APY

Started by RenNotKylo [3837610] on in Bugs & Issues.

2 replies · 24 views · thread synced · 4 days ago · View on torn.com
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RenNotKylo [3837610] · #1

I spoke with Komir and they advised to post this here: 

 

I believe the banking screen needs updated to reflect APY rather than APR -

I noticed on the banking screen that the percent yields for deposits are recorded as “APR”, “annual percentage rate”, which applies to borrowing money and calculates the total cost of a loan. “APY” - “annual percentage yield” applies to earning money on deposit, any at a compounded rate, and represents the total interest earned
 
 I wasn’t sure if the use of APR was intentional, but I do know that Torn wants to keep things immersive and accurate (maybe I’m wrong, lol).

IndyCision [2597200] · #2 · edited

Nothing is automatically compounded as each one is a fixed length separate investment, so APY isn't necessarily correct. (And for those with a maxed bank it never could be compounded)

 

Also the interest rate is not fixed and changes daily, so any APY figure including that interest would be wrong.

 

I think technically it makes sort of sense as this is a yield, but it could never be an accurate figure, whilst an APR would still be an acceptable comparison of current rates?