Editing Talk:2768: Definition of e
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All that said, most banks nowadays specifically quote only the APY for deposits (not surprising, since it's the bigger number and bigger looks better to the customer when you're talking interest crediting). So for that reason, you're correct that this XKCD is a bit misleading -- you don't ever see banks talking about the "interest rate" on deposits anymore; e.g. go to BankRate.com and you'll see a list of various banks' APY's -- labeled as such. But the comic is not wrong about the meaning of "annual interest rate". | All that said, most banks nowadays specifically quote only the APY for deposits (not surprising, since it's the bigger number and bigger looks better to the customer when you're talking interest crediting). So for that reason, you're correct that this XKCD is a bit misleading -- you don't ever see banks talking about the "interest rate" on deposits anymore; e.g. go to BankRate.com and you'll see a list of various banks' APY's -- labeled as such. But the comic is not wrong about the meaning of "annual interest rate". | ||
− | The example in the comic would work better with a loan than with a deposit, because banks do typically use "annual interest rates" when quoting loans, but then he'd need to change the joke in the mouseover text.<br> | + | The example in the comic would work better with a loan than with a deposit, because banks do typically use "annual interest rates" when quoting loans, but then he'd need to change the joke in the mouseover text.<br> |
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Cut down the explanation of the title text. It was long, contradictory, and, I would argue, wrong. [[User:Jkshapiro|Jkshapiro]] ([[User talk:Jkshapiro|talk]]) 02:28, 10 April 2024 (UTC) | Cut down the explanation of the title text. It was long, contradictory, and, I would argue, wrong. [[User:Jkshapiro|Jkshapiro]] ([[User talk:Jkshapiro|talk]]) 02:28, 10 April 2024 (UTC) |