Question

Suppose you have a credit card bill of $1,275 for the month of October. if you pay the full balance before your is due, how much will you pay in interest?

Answer 1

Answer: No interest will be paid

Explanation:

Once full payment is made before the due repayment date on credit card, interest is not charged.

Answer 2

Answer:

The cost of borrowing money from a lender is referred to as interest. You will not have to pay any interest if you pay the complete bill amount before the due date.

Explanation:

If you pay the total amount due on your credit card before the due date, interest charges are waived, i.e, no need for interest payment

Making a payment before the end of your statement reduces the total balance that the card issuer reports to the credit agencies. That in turn lowers the credit utilization percentage utilized when computing your credit score that month.

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