This deceptive rounding trick is called the "Bank Method" interest calculation (aka the 360/365 Method), and it's how many lenders can get away with piling.
By: Scott J. Kennelly and Susan Novak Many lending institutions use the 365/360 method of calculating interest on their loans. This method involves applying the ratio of the annual interest over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.
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Calculation Period falling in a non-leap year divided by 365);. if “ACT360″*, ” Actual/360″ is specified, the actual number of days in the Calculation Period in. involved, two or more calculations are made: interest is calculated for each full year.
Traditionally, there are two common methods used for calculating interest: (i) the 365/365 method (or Stated Rate Method) which utilizes a 365-day year; and (ii) the 360/365 method (or Bank Method) which utilizes a 360-day year and charges interest for the actual number of days the loan is outstanding.
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The lender’s net interest margin (nim) fell by 24 basis points q-o-q to 3.59%. Private sector lender IndusInd Bank on Wednesday posted a 62% year-on-year (y-o-y) decline in its net profit to `360.
Interest Charge Calculation. multiplied by the daily interest rate factor (annual interest rate expressed as a decimal divided by 365, rounded to the fourth place.
Under the heading "Payment," the promissory note stated how the interest was calculated: "The annual interest rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding." While the court found that the use of "annual interest rate" instead of "interest rate" was imprecise, the.