Odd Days Interest

Odd Days Interest

The interest that accrues on a loan during a period either longer or shorter than the normal period during which interest accrues. For example, if interest is usually compounded once a month, odd days interest may occur if the loan is made in middle of the month and two weeks of interest accrues at the beginning of the loan. Odd days interest is usually added to the first (or the next) payment.
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Investor Plus also features easy solutions for Odd Days Interest, APR, Date Math, Bi-weekly Payments and Terms, and Beginning or End of Period Loans (Leases, Bank Accounts).