30E3/360 Calculation

TValue 7 does the 30E3/360 day count convention. In TValue 7, go to Configuration, Date Counting, and 30E3/360 to do this calculation method.

Using a 30E3/360 calculation allows for interest to be calculated based upon a 30 day month regardless if the month has more or less than 30 days. These 30 day accrual intervals are accepted to be done within a 360 day calendar year, hence the numerical rendering 30E3/360.

If the investment/loan is on say the 31st of the month, the convention says count it as if it was made on the 30th. February also has 30 days. As with the formula for exact days, interest is calculated using the day counting convention following the base format of Principal x Rate x Days / 360 (Year) = Interest. The difference in this methodology is how the aspect of the days in the month is rendered in the formula.