Helen's credit card has an APR of 15.32% and a grace period of 17 days, and Helen pays her balance in full every month. If her last billing cycle ended on September 26, 2009, and she made her payment on October 11, 2009, did she owe any interest on her last statement's balance?
Business · Middle School · Thu Feb 04 2021
Answered on
Given:
Helen's credit card has an APR of 15.32% and a grace period of 17 days, and Helen pays her balance in full every month. If her last billing cycle ended on September 26, 2009, and she made her payment on October 11, 2009,
Determine if she owes any interest on her last statement's balance.
Explanation:
In order to determine if she owes any interest, we must simply need to know if she paid before 17 days since interest is being charged after 17 days. From September 26 to October 11, the number of days is 14, which means that she did not have any interest charge.
Final answer:
No, Helen did not have any interest charge.