Late Charges

In late charges setup, the Interest Days Period mostly used is 360 i.e. considering 12 months * 30 days, but the report calculates interest based on the calendar month. I ran the report for a transaction with a transaction date in February 2020 and it took 29 days and 30 and 31 days for the subsequent months. In that case, shouldn't the Interest Days Period be 366 for leap years and 365 for the rest of the years for accurate interest rates?