Since I always made mistakes on the rate annualized or unannualized, now i make some conclusion and share with u, Maybe stupid to you. FRA & Swap. Libor is often used under FRA and swap. Libor rates are add-on rates and always quoted on 30/360 day basis in annual term. for example, 30-day libor rate 6%, first unannualize it by 6%*30/360. After some calculation, don’t forget to annualize to the term we need, for example, 6%*360/90. Rf Rf is compounding rate. So unannualize abd annualize by (1+Rf)^T. Hope to receive some comments to make it better.