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#2209310 - 03/22/19 06:46 PM APY calculation
Bville Offline
Diamond Poster
Bville
Joined: May 2001
Posts: 1,282
Out West
In calculating the APY for TIS disclosures, can we assume all months have the same number of days?

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Deposits and Payments
#2209312 - 03/22/19 06:56 PM Re: APY calculation Bville
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
A. General Rules

Except as provided in Part I.E. of this appendix, the annual percentage yield shall be calculated by the formula shown below. Institutions shall calculate the annual percentage yield based on the actual number of days in the term of the account. For accounts without a stated maturity date (such as a typical savings or transaction account), the calculation shall be based on an assumed term of 365 days.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2209341 - 03/22/19 09:50 PM Re: APY calculation Bville
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
In the formula, N is 365?

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#2209342 - 03/22/19 09:52 PM Re: APY calculation Bville
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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