For many of the financial functions, the day count basis is used:
Basis Number |
Day Count Basis |
0 (or omitted) |
United States of America (NASD) 30/360 |
1 |
Actual/Actual |
2 |
Actual/360 |
3 |
Actual/365 |
4 |
European 30/360 |
[NASD is the National Association of Securities Dealers.]