Financial Wellness Wednesday: Understanding APR

Finance Articles, Financial Wellness Wednesday

Episode 15: APR

KEY TAKEAWAYS:

APR means Annual Percentage Rate
The annual rate charged on a loan is the yearly interest amount that is charged on a loan you are borrowing, or the amount you earn on an investment.
As balance changes, the amount earned or owed changes because the APR is the percentage of the amount earned or owed.
APR helps us understand how much we will owe or make in interest during the term of our loan or investment.
To calculate the interest earnings or owed: interest rate divided principal payment or investment = TOTAL, then divide TOTAL by loan term, then that TOTAL by 365 days (a full years)
That is confusing! No worries, our loan officers are here to help you understand your options in detail.
GHS is always here to help you understand that best option for you. Call us if you need us at (800) 732-4447.

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¹APR = Annual Percentage Rate. Rates are shown "as low as". Rates and terms are subject to change. The rate and term may vary depending on each individual's credit history and underwriting factors. Credit Union Membership required with a $25 minimum deposit and $1.00 membership fee.

²APY = Annual Percentage Yield. Rates are subject to change at any time. Early withdrawal penalties may be imposed on Term Share Accounts. Credit Union Membership required with a $25 minimum deposit and $1.00 membership fee.

³APY = Annual Percentage Yield. GHS available funds do not qualify. Minimum of $500.00 to open for 12 mos. APY good for original term only, no renewals at this rate. Credit Union Membership required with a $25 minimum deposit and $1.00 membership fee.

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