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TeachMeFinance.com - explain Month historic definition... Month -- In business a month is usually considered as consisting of 30 days. In time loans (loans running for a specified time) 30 days are counted as a month. In call loans, however, interest is calculated for the number of days they actually run. In dealing in futures (contracts maturing in the future) in grain, cotton, coffee, etc., it is the practise to designate the contracts by the names of the months in which they mature. Thus, wheat sold for delivery in January is called January wheat; cotton sold for delivery in July is called July cotton, and so on. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.