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Interest computed on a 360 per year basis |
2006-04-06 |
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From Sonya:
Okay, I am reading this promissory note that says interest is computed on 365/360 basis by applying the ratio of annual interest rate (24%) over a year of 360 days.
I sure do not remember anything like this in school, and am stumped.
Answered by Stephen La Rocque. |
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