When to use (days/360) vs ^(months/12)

Is there any way you guys remember when to use what?

for floating calculations we use 90/360

but calc number of future contracts we use ^0.25 for example

Floating rates are often based on LIBOR, which is a nominal interest rate; that’s why you multiply by 90/360.

If the interest rate is effective, then you use an exponent.

Thanks a lot!

Thanks Magician for helping us out despite your busy grading schedule!