When calculating the full price of a bond and the question does not specify the actual day convention or 30/360 convention, how will I know which one to use. MM states that if its a corporate bond to use the 30/360 convention. Also, in his video he mentions leap years and many other questions using the actual day convention incorporate months that have 31 days. This is embarrassing, but I do not know the specific months that have more or less than 30 days (other than February which has 28). Am I screwed for these types of questions; how do i proceed?
What I am saying is that I do not know which months have 30/31 days off the top of my head. So how can I expect to parry questions when I dont know what the numerator of t/T will be?
“30 days hath September, April, June and November, all the rest have 31 except February who stands all alone but leap year coming one in four” …or something along those lines (a poem i learned when i was younger to help me with days of the year)