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Business Definition for: exact interest
exact interest
interest paid by a bank or other financial institution and calculated on a 365-days-per-year basis, as opposed to a 360-day basis, called ordinary interest. The difference-the ratio is 1.0139-can be material when calculating daily interest on large sums of money.
exact interest
interest calculated on a 365-day year, as opposed to a 360-day year, which is known as ordinary interest . Banks use the 365-day basis in paying daily interest on certificates of deposit and other time deposits.
exact interest
interest paid by a bank or other financial institution and calculated on the basis of a 365-day year, as opposed to ordinary interest , which is based on a 360-day year.
Copyright © 2006, 2003, 1998, 1995, 1991, 1987, 1985 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
