It's the other way around, Trish. A 360-day year means the standard
amortization we've been using since day 1. 12 equal periods per year. It's
the 365-day basis which takes into account the extra days in the year, and
results in higher interest charges.

Regards,
Fred.

"Trish" wrote in message
...
No it actually means that the results in a higher effective interest rate,
due to it being carried over a shorter period of time.

"Fred Smith" wrote:

A 360 day year simply means that all months are assumed to be the same
length. So the period that you want is Monthly. This will assume 12
months
per year, and the payment in each month is the same, regardless of how
many
days in the month.

Regards,
Fred.

"Trish" wrote in message
...
I am using a Amortization Schedule template from Microsoft Office
online.
I
am trying to change the Per Period from Monthly - Semi-Monthly etc...
to
days
per year. My current loan is based on a 360 day year and not a 365
which
changes the interest payment monthly. Can anyone help me.