How many days in a year is ordinary interest based on?

Question

Pope

Mathematics

2 August, 06:42

How many days in a year is ordinary interest based on?

+5

Answers (2)

Know the Answer?

Memphis Dickson · Answer 1

On the basis of a 360-day year or a 30-day month; ... would receive the original amount of the loan together with the agreed interest ... 360 days = 1 year; 30 days = 1 month; 365 days = 1 year.

Guadalupe Lamb · Answer 2

Guadalupe Lamb 2 August, 06:50

0

365 days are in a year