Could someone explain the difference between a Act/360 accrual basisvs a Bond/360 accrual basis?Thank you in advance

Here is an example. Suppose you want to compute the time in years between 01-Feb-04 and 03-Mar-04. The act/360 calculation is trivially 31/360 = 0.086111111111. I don’t have the code for the 30/360 in front of me at the moment, but the calculation looks something like 360*(y2 - y1) + 30*(m2 - m1) + (d2 - d1)where y2 is the year of the later date, m1 the month of the early date, d1 is the .... etc and the m’s and d’s are adjusted under certain circumstances depending if they are at the end of the month or in February. You can probably find the exact rules for this by searching the site. Pat Hagen has undoubtedly posted them. For the record, the 30/360 answer for this example is 0.088888889.