Posted By: Bville
APY calculation - 03/22/19 06:46 PM
In calculating the APY for TIS disclosures, can we assume all months have the same number of days?
Posted By: rlcarey
Re: APY calculation - 03/22/19 06:56 PM
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.
In the formula, N is 365?