The U.S. Court of Appeals for the 8th Circuit has ruled that when a promissory note clearly stated that interest was calculated according to the 365/360 method rather than the 365/365 method, the borrower was not charged excessive interest by the lender when it calculated interest accordingly.
For example, an account paying 5 percent apy doesn't pay 5 percent per day. You get 1/365th of 5 percent every day. Still, frequent compounding gives you a.
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So 365/365 assumes a year of 365 days and 365/360 assumes a year of 360 days. The 365 in the numerator is just saying that interest will accrue for each and every day that actually lapses, which is why "actual" sometimes replaces "365" in the numerator.
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"365/360 US Rule Methodology" to calculate interest is to recalculate the monthly payment using the effective interest rate instead of the nominal rate. This results in a higher periodic payment which fully satisfies the loan balance