Sorry for the question and if this is the wrong forum - I apologize again :)
Anywho - taking accounting in school - teacher 1 day says that banks use 365 days to figure out the interest and due date for say a notes payable. Next class she says it is 360. Which is the accepted version and which should I apply? I have been using 365 days because I find it hard to believe that a bank would issue a note say on March 10 due in 180 days - my calculation by actual days - 180 days from March 10 comes due September 6. But if we use the 360 days a year - then the answer would be September 10. Thanks for any help/advice.
Paul