exact interest

exact interest
interest paid based on the basis of a 365-day/year schedule by a bank or other financial institution as opposed to a 360-day basis ( ordinary interest). Difference can be material when large principal sums of money are involved. Bloomberg Financial Dictionary

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exact interest UK US noun [U] FINANCE
interest based on a period that includes all 365 days of the year, not just 360 days
Compare ORDINARY INTEREST(Cf. ↑ordinary interest)

Financial and business terms. 2012.

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