Incredible! Why 360 Days For Interest Calculation
Our calculation of 30000 of interest for short-term US dollars used a 360-day. The DAYS360 function returns the number of days between two dates based on a 360-day year twelve 30-day months which is used in some accounting calculations. Qbasic Program To Select Days Of The Week Within Seven Days Calculate Area Student Computer Programming It has the highest daily accrual rate because the annual interest rate is divided by 360 and it has the highest monthly accrual amount because it is accrued over the actual. Why 360 days for interest calculation . You take the interest rate well say 5 and divide it by 360 to get the daily accrual rate 5 360 0014. 360 days is used because its far simpler. Ad Were Americas 1 Online Lender. Lock Your Rate Now With Quicken Loans. If you have an account where your money will earn interest a computer will calculate the correct amount day by day whether the year has 365 or 366 days. Ad Make lenders compete and choose your preferred rate. ...