Do you remember when we invested $3m at 4% for the same period, we got a bigger number for our interest, of $30,000? This difference results from short-term using a 365-day conventional year to calculate interest, compared with 360 days for US dollars. These quoting conventions are sometimes known as ACT/365 fixed and ACT/360, respectively.
I was approached by a client asking me why does your bank use 360 days instead of 365 days when calculating the interest payment of a loan. I told him it’s some sort of a convention, but he wasn’t fully convinced. I looked up Wikipedia, but it doesn’t provide much detail. Why 360 Days Instead of
PNC Can’t Dodge Suit Over ‘Banker’s Interest’ Calculation. By Evan Weinberger.. Judge Laporte said the question of whether the 365/360 interest calculation was common and Three Crown’s relative.
How it works: the lender pretends there are 360 days in a year when calculating the daily interest rate (6% / 360 > 6% / 365), then charges interest on 365 days (366 during a leap year). In using the 365/360 method on a loan with a rate of 6%, the lender will actually be charging an annual rate of 6.083% (.06 / 360 x 365).
The company reported adjusted earnings of $2.07 per share in 2016, and it guided for adjusted earnings of $2.13-2.27 per share in 2017 on the back of sales of $1.66 billion, alongside a projected $360.
· APY (annual percentage yield) refers to what you can earn in interest while APR (annual percentage rate) refers to what you can owe in interest charges. A key difference between the two is that APY takes into account the effect of compound interest for deposit products while APR does not.
CAG Diagnostics instrument revenue growth was 18% reported, 12% organic, including $7 million attributable to the New Revenue Standard, which was primarily related to the launch of the IDEXX 360.
· 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. Today you don’t hear much about actual/365 and most loans are.
In using the 365/360 method on a loan with a rate of 6%, the lender will actually be charging an annual rate of 6.083% (.06 / 360 x 365). The Actual/360 method calls for the borrower for the actual number of days in a month. This effectively means that the borrower is paying interest for 5 or 6 additional days a year as compared to the 30/360.
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