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hi, I would like to know why do you take 360 when in a year its 365?
360 is used instead of 365 to simplify the way of calculating interest. 360 can be evenly divided into 12 months (assumes 30 days each month), so we use that instead of 365.
hi, I would like to know why do you take 360 when in a year its 365?
360 is used instead of 365 to simplify the way of calculating interest. 360 can be evenly divided into 12 months (assumes 30 days each month), so we use that instead of 365.