Actual/360 is a slightly odd method, which counts the actual number of days during which a loan is outstanding and calculates the interest rate based on a 360-day year. So, over one year, a $1,000 loan at 10% will yield $101.39 in interest (365/360) as opposed to the true $100 return.
The difference between actual/360 and actual/365 is the monthly payments not the overall yearly interest charge. Both calculations charge you interest on the actual days in a month, but on the 30/365 loan your monthly payment is increased by the extra 5 (or 6) days of interest.
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Uses actual number of days in a month and 360 days in a year for calculating interest payments. Also see Day count convention.
365/360 Interest Calculation: Latest Developments in Ohio Case Law. by the actual number of days the principal balance is outstanding.
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· In the 30/360 convention, every month is treated as 30 days, which means that a year has 360 days for the sake of interest calculations. 365/360 interest calculation: latest developments in Ohio Case Law. by the actual number of days the principal balance is outstanding.
2008-01-12 · Late payments would accrue interest at the daily rate of annualRate/ 360 per day. For actual/360, the monthly interest rate varies depending on the actual number of days in the month. The monthly rate is days*annualRate/360, where "days" is the actual number of days between payment due dates or actual payment dates, the latter applying to late.
Traditionally, there are two common methods used for calculating interest: (i) the 365/365 method (or Stated Rate Method) which utilizes a 365-day year; and (ii) the 360/365 method (or Bank Method) which utilizes a 360-day year and charges interest for the actual number of days the loan is outstanding.