Why 360 and not 365?

"Daily Margin Interest (Short Position) = The Daily Market Value of the Borrowed Stocks when Market Closes* Margin Rate for That Stock/360."

http://www.webull.com/pricing

 

Why 102% and rounded up? Just a convention. Otherwise the interest would be higher...

 

Days in the year - big holidays, new years day, xmas day, bla bla bla!

 

webull wobble but they don't fall down huh

 

I thought it was an accounting convention. They use 360 days as the standard value for a year. But what do I know. I hated accounting in college. Lol.

 

https://www.willichlaw.com/borrowers-beware-365-over-360/

 

"MONTHLY?"
My favorite is the number of weeks in a month: "Well! Just multiply by 4!"
No. There are 4.3333 weeks in the average month, so a weekly paycheck gets reduced when figuring monthly income; weekly-paid costs get reduced when figuring month totals...

 

I bet it is because the Egyptians! You know, like 4000 years ago.