Examlex
Which of the following would be a correct way to compute the gross pay for an employee?
360-Day Year
A method used in accounting and finance that assumes a year has 360 days to simplify interest calculations.
Ordinary Simple Interest Rate
The standard interest rate applied to a loan or investment, calculated on the principal amount without compounding over a specific period.
360-Day Year
A financial calculation assumption where the year is considered to have 360 days for simplifying interest calculations.
Exact Simple Interest
Interest calculated precisely on the principal amount over a specific period, normally based on a 365-day year.
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