A method of calculating interest using 365-day year is the(?) method. (Quantitative literacy)

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A method of calculating interest using 365-day year is the(?) method.

(Quantitative literacy)

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Xavia 6 months 2021-07-16T08:49:13+00:00 1 Answers 3 views 0

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  1. Orla
    0
    2021-07-16T08:51:05+00:00
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    Step-by-step explanation:

    To calculate the interest payment under the 365/360 method, banks multiply the stated interest rate by 365, then divide by 360. However, due to the numerator and denominator not matching, the 365/360 method has been held to increase the effective interest rate by 0.01389 in a non-leap year.

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