In contrast, annual percentage yield (APY), also known as effective annual rate (EAR), takes compound interest into account. (investopedia.com)
where s is the loan principal, n is the number of periods per year, t is the number of years, pp is the periodic payment, and r is the annual APR (as effective annual rate). (money.stackexchange.com)
But an interest rate most consumers know little about is called the Effective Annual Rate or EAR. (stockmonkeys.com)