Day count convention for calculating interest accrued on U.S. Treasury bills and other money market instruments. Uses actual number of days in a month and 360 days in a year for calculating interest payments. Also see Day count convention.

Investing Essentials

Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Bank anticipation notes (BAN)

Notes issued by states and municipalities to obtain interim financing for projects that will eventually be funded long term through the sale of a bond issue.

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