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Ordinary Interest
interest calculated on a loan or investment based on a 360-day year, commonly used in banking and finance.
Exact Interest
Interest calculation method utilizing the actual number of days in the interest period and a 365-day year to determine the accurate interest due.
Simple Interest
Interest calculated solely on the principal amount of a loan or investment, without compounding over time.
360-Day Year
This is a simplified method used in some financial calculations where the year is assumed to have 360 days for ease of interest computation.
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