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What does 30/360 mean?

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30/360
Noun

The day-count convention that counts every month as 30 days or 31 days only when the last day is the 31st and the first day is not either the 30th or 31st (but, not extended to 30 days if the last day of the month is in February) and each year as 360 days, used for US federal agency, municipal and corporate bonds.

Synonym(s): 
  • 30/360; 360/36.
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