Ben's credit card has an apr of 9.88% and grace period of 25 days, and ben pays his balance in full every month, if his billing cycle ended in april 20, 2010 and he made his payment on may 12, 2010, did he owe any interest on his last statement's balance?

The due date for Ben's bill is 15th May, 2010. Ben did not owe any interest on last statement's balance since he paid before the due date and always pays his monthly balance in full.

When a credit card holder always pays his balance on the credit card in full by the due date on the credit card statement, he usually gets a grace period.

A grace period refers to the period between the end of a billing cycle and the date on which the payment is due.

If a credit card holder consistently pays his/her full balance by the due date, he/she is not charged any interest on total purchases made within the last billing cycle.

If, however, a credit card holder doesn't pay off the entire credit balance on or before the due date, he/she will be charged interest on both the outstanding amount as well as the purchases made in the next billing cycle.

We can calculate the due date on a credit card bill with the following formula:

Due Date = 20th of April + 25 days

Due Date = 15th May, 2010.

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