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effective interest rate |
Also found in: Wikipedia | 0.01 sec. |
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Effective Interest Rate The annual rate at which an investment grows in value when interest is credited more often than once a year. effective interest rate The actual interest rate of a loan,regardless of the face interest rate or the rate quoted.See annual percentage rate. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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So, the total of the compounding interest is the Effective Annual Rate (EAR), which is in-fact bigger than the APR. People dipping into their overdraft need to watch the effective annual rate as some can be punitive. The $15 million of surplus relief for one year equates to an effective annual rate of about 6. |
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