360 Vs 365 Interest

So, how much interest do you pay per day? You would think the daily rate is 5%/365, but the legalese says that they are going to use a 360 day year, and so you pay 5%/360 per day for 365 days. In other words, assuming no payments to clutter up the math, the annual rate of interest (APR as the legalese calls it) is ((1 + .05/360)^365 – 1)x100%

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.

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Day-Count Convention: The day-count convention is the system used to calculate the amount of accrued interest or the present value when the next coupon payment is less than a full coupon period.

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A day-count convention is a system used in the bond markets to determine the number of days between two coupon dates. This system is important to traders of various bonds because it affects how.

booklet describes in detail how CU*BASE handles the 360-day interest calculation process. NOTE: Remember that if your credit union does not need to adhere to the strict guidelines required by the secondary market, you may prefer to set up your mortgage products with the 365-day interest calculation instead, so

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