In a different question it is stated that
Mortgages are compounded .. 12 times a year in the USA
Is this true or just applicable to that question?
I am looking at a site where it explains how to convert APR to APY on basis of the type of compounding, and I am not getting the same number the bank is trying to offer. When I asked the loan officer what kind of compounding the loan has, they did not understand or pretended not to.
So the main question is do mortgages in the US offer monthly compounding or can they have daily/infinite compounding?