If a bank states 5% interest on a 360-day basis, is this stated rate less then, equal

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If a bank states 5% interest on a 360-day basis, is this stated rate less then, equal to, or more than 5% interest on a 365-day basis? Why?

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Financial Management And Analysis (Frank J. Fabozzi Series)

ISBN: 9780471477617

2nd Edition

Authors: Frank J. Fabozzi, Pamela P. Peterson

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Question Posted: Jun 10, 2024 02:20 AM

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If a bank states 5% interest on a 360-day basis, is this stated rate less then, equal

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Financial Management And Analysis (Frank J. Fabozzi Series)

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