# Actual 360 Day Interest Calculation

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This simple interest calculator calculates the interest due between any two user selectable dates. A suitable. calculation. User enters dates or number of days.

Day count convention for calculating interest accrued on U.S. Treasury bills and other money market instruments. Uses actual number of days in a month and 360 days in a year for calculating.

Actual/365 is calculated by taking the annual interest rate and dividing it by 365 and then multiplying that number by the amount of days in the current month.

Interest on any note, bond, or other instrument computed on the declining unpaid principal balance from time to time outstanding may be computed and charged on actual unpaid balances at 1/360 of the annual rate for the actual number of days outstanding if the use of this calculation method is disclosed in the note, bond, or other instrument.

This interest calculation method takes the annual interest rate and (inexplicably) divides it by 360, then multiplies the quotient by the actual number of days in a month. Therefore, the result is that you pay an extra 5 days of interest each year (6 days in leap years).

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.

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The interest on most money market deposits and floating-rate notes is calculated on an actual/360-day basis. The major exception is those.

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The interest due for a month with 31 days is larger than for a month with 30 days, and the lender collects another day’s interest in a leap year. On these loans, the difference between using a 360 and a 365-day year in calculating the daily rate is significant because the daily rate is applied every day for the life of the loan.

365/360 Loan Calculator Javascript is required for this calculator. If you are using Internet Explorer, you may need to select to ‘Allow Blocked Content’ to view this calculator.

Actual/360 Day count convention for calculating interest accrued on U.S. Treasury bills and other money market instruments. Uses actual number of days in a month and 360 days in a year for calculating interest payments. Also see Day count convention. Day-Count Convention An assumption used to calculate.