Excel 2003, 2007, 2010 - Why use a 360 day year?

brothertruffle880 used Ask the Experts™
Why do organizations/people use a 360 day year for calculations.  It seems illogical that one should use less than a full year to do calculations?
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360 is commonly used when dealing with "average" 30 day months.  

Back in the day, when accountants did the math, this was something that was done to simply the calculations.  

It has continued into modern day practice in some areas.  It is particularly popular in banking.

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