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Choose whether to use 360 or 365 Days per year interest. Type of Loan Amortized Paid Date Amortized Due Date Interest Only P&I Due at maturity fixed payment Paid Date Fixed Payment Due Date Final Payment Add-on Principal & Interest Add-on Interest Only
So, how much interest do you pay per day? You would think the daily rate is 5%/365, but the legalese says that they are going to use a 360 day year, and so you pay 5%/360 per day for 365 days. In other words, assuming no payments to clutter up the math, the annual rate of interest (APR as the legalese calls it) is ((1 + .05/360)^365 – 1)x100%
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.
I asked the bank why the difference and they said it was the difference between 360 days vs 365. How do I calculate it to get their montly payment and make an amortization schedule with interest.
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· Interest Rate # Payments I already have a working calculator for 360/360, but I have no idea what the formula is to calculate a monthly payment for a 365/360 loan, the interests is compounded differently so the payment is always off. I have an example of how 365/360 should be calculated from our old system. Loan Amount: 119,979.17
on interest rate swaps, the framework we present is applicable to a wide array. conventions used in U.S. dollar swaps are Actual/360, Actual/365, and 30/360.
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 day count convention. Spreads and rates on Actual/360 transactions are typically lower, e.g., 9 basis points.
booklet describes in detail how CU*BASE handles the 360-day interest calculation process. NOTE: Remember that if your credit union does not need to adhere to the strict guidelines required by the secondary market, you may prefer to set up your mortgage products with the 365-day interest calculation instead, so
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