grace period

[albertunqs]

hi,

I bought something on June 1 for $100, the grace period is 21 days as specify in the agreement. My question is how the interest calculated of the following situation:

(1) if I pay off the $100 on June 21?
(2) if I pay off $50 on June 10, the remaing $50 pay on June 30?

for example, the interest rate is 19% per annal.

albert

[trent]

Originally Posted by albertunqs

hi,

I bought something on June 1 for $100, the grace period is 21 days as specify in the agreement. My question is how the interest calculated of the following situation:

(1) if I pay off the $100 on June 21?
(2) if I pay off $50 on June 10, the remaing $50 pay on June 30?

for example, the interest rate is 19% per annal.

albert

Just call your bank and ask them how they calculate the interest.