Both 365/360 and 365/365 interest calculation methods are shown side by side in the table below: Note: in Table 1, the stated interest rates for 365/365 and 365/360 is 4.003% and 4.058%, respectively.
Invoice Amount X 98% = 2/10 net 30 effective interest rate.. Solution- (0.02/0.98 )(*365/30-7). Reply.. Calculate the cost to a firm foregoing the following cash discount: 4/10 net 30 EOM, assuming a 360-day year. 1. 48% 2.
Start with the number of days (usually 360-to-365 days to account for a full calendar year. it can more easily qualify for credit or loans, at better interest rates, and with more reputable lenders.
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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
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OCBC 360 Account. Interest of 4.10% p.a. is applicable on your first RM100,000 balance and will be paid by the 14th business day (not including Saturdays, Sundays and public holidays) of the following month. Only one (1) account is allowed per customer and with a minimum deposit of RM500.
From 01 November 2018, OCBC 360 will be introducing a new tier of bonus interest rates for balances between S$35,001 and S$70,000. While there is perhaps one negative change to the total bonus interest that one can get out of this account, it appears to be largely positive if you are currently maxing out the bonus with an average monthly.
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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