Do the days in the month play a role when the interest rate is compounded Semi-Annually?
An example given to me
- Interest rate of 8.5 compounded Semi-Annually, fixed
- Blended payment of principal and interest
- Payment fixed at $1,289.15
- Payment monthly
- First payment March 15, 2014
- Payment count type = end balance 0
I haven't ever seen an interest paid increase while payments are made. Usually they are always decreasing.