Are these just different names for the same thing? Lending Management Software company told me their software does not do 30/360, but could do 360/360 which would be the closest match. I am thinking it is just an uncommon naming convention, and they are the same thing.
Here is what the software (lending management software) told me: Here is an excerpt from our User Guide: “the per diem interest is the annual interest divided by the number of payments in a year, divided by the number of days in the current payment period. This interest year is inherent in the amortizing equations. For each interest year, you may calculate the APY by multiplying the APR by the factor listed in the table below (not accounting for fees and charges)."
"360/360 - (Prin x Int)/(# of annual payments x # of days in current payment period)"