Definition of "Ordinary interest"

Susan M. Barnes & Angela Abbgy, LLC real estate agent
Susan M. Barnes & Angela Abbgy, LLC, Real Estate Agent Rockrose Realty Inc.

Interest based on a 360-day year instead of a 365-day year. The former is referred to as simple interest and the latter is termed exact interest. The difference between the two types of interest can be significant when a substantial investment is involved.

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