APR- say i put in $8000 into an account for one year making 5.35% intrest. 8000(1+.0535/12)^12 = $8438.65 APY- $8000x.0535= $8428 Is this how you figure out apr and apy?
I don't know which of your figures are which if you know your: Loan fee, how often you will pay, loan amount and finally your annual interest rate- then you should be able to work it out. I can't work it out since I don't know which figure is e.g. the loan amount and loan fee etc. edit-- There are probably other methods of working it out but those are the 2 I know.
there is no loan fee or amount. it'd be me putting money into a savings account for x amount of months with say a 5.35% intrest rate.
Sorry can't you help you in the calculating ;\ but looking at what you've already worked out for APR (Annual Percentage Rate) the figure cannot be $8438.65 it has to be something in percentage.
the $8438.65 represents the ending balance after one year and the .0535 was the intrest rate % (5.35%), im just not 100% sure my math is right.
