Examlex
Term for identification: NATO
Exact Interest
Interest calculated based on a 365-day year, providing a precise interest calculation.
Ordinary Interest
Interest calculated on the basis of a 360-day year, often used in banking for loans and savings.
360-Day Year
A financial approximation that simplifies the calculation of interest by assuming each month has 30 days, resulting in a 360-day year.
Total Amount
The complete sum of money or quantitative count, including all relevant parts or items added together.
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