When you borrow money, you’ll also pay interest on top of the amount you borrowed.. Interest is the money the lender gets for loaning you the money. Read Next: 5 Subtly Genius Moves All Wealthy People ...

Ever wonder how much your money really earns just by sitting in the bank? That’s where annual percentage yield (APY) comes in. APY shows how much interest your money can earn in a year — and the ...