3 ms·
Yes, you'd call that the calendar convention if I remember correctly. The one you are referencing is called 30/360 for 30 days in a month, 360 days in a year.
by burnished 3y ago
Yes, you'd call that the calendar convention if I remember correctly. The one you are referencing is called 30/360 for 30 days in a month, 360 days in a year.
- MichaelZuo 3y agoWould different departments within a bank use different calendar conventions?
- cperciva 3y agoAbsolutely. Even within one department, since accounts often originated from different institutions.
- burnished 3y agoGood question! I don't know, though it wouldn't surprise me if different products offered by the same bank used different calendar conventions. Calendar conventions are an accounting practice though, so different departments wouldn't interpret the same loan differently due to differing conventions.