Interest is calculated daily on the basis of a 360-day year with 12 months, each of which is 30 days (or 30/360) long, regardless if a month has more or less than 30 days.
To learn more about the interest you pay on your loan, sign in to your account to view:
- Your interest rate and annual percentage rate (APR)
- The amount of principal and interest for your most recent payment
Reducing the interest you pay