Examlex
Which of the following is NOT true of schemas?
Exact Interest
A method of calculating interest using a 365-day year or actual number of days in a loan's term, leading to a more precise interest calculation.
365-Day Year
A calendar year used for financial calculations, representing the actual number of days in most years.
Total Amount
The entire sum of money required for or received from a transaction.
Exact Simple Interest
Interest calculated exactly on the principal amount of a loan or investment, without compounding, over a specific period of time.
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