I found the below informative in explaining the difference between APR, APY and EAR. To start APY and EAR are two sides of the same coin; it just depends on circumstances. For instance, a credit card company will use the term EAR (effective annual rate) because it would not be good to talk in terms of how much they yield (APY) from borrower payments. The article also states that “the higher the interest rate, and to a lesser extent the fewer the compounding periods, the greater the difference between APR and APY (Mitchell Grant and Greg McFarlane, 2019). According to the article, APY is the more universally applicable measure regardless of compounding frequencies and the Truth in Savings Act of 1991 mandates that it be disclosed. When taking a loan or making an investment one is advised to look for a listed APY before paying attention to APR,
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