Answer:
Answer by David Dickinson: Regulation Z does not provide any requirement for how to report the APR, concerning the number of decimal places. You could state 6%, 6.0%, 6.00%, etc. The Truth in Savings Act (which applies to deposit accounts) requires APY's to be displayed to the hundredth (6.00%).
Answer:
Answer by John Burnett: The finance charge, when labelled as such, is actually a dollar amount. It will never be stated to more than two decimal places. If it works out that way, it could be stated in whole dollars without any "fractions."
Answer:
Answer by David Dickinson: Good point, John. I went back & read the original post. I assumed (dangerous) that the person was asking about APRs instead of FC, since I get this question often.
First published on BankersOnline.com 10/20/03
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