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Why a 6% savings rate isn't 6%: APY vs. nominal rate in JavaScript calculators

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A developer building browser-based finance calculators warns that the most common error is entering the wrong type of interest rate, not floating-point math. Banks often advertise an annual percentage yield (APY), which already includes compounding, while formulas that compound monthly need the nominal rate. US Regulation DD defines both terms, and the author provides JavaScript functions to convert between them. Using a 6% APY as if it were a nominal rate overstates a $10,000 balance by $285.49 after 10 years in the example given. The article recommends labeling rate inputs clearly, showing formulas to users, and rounding only for display.

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