A grace period is usually the only a feature of a loan on which interest is calculated monthly, if it is calculated at all. Under some loan contracts, payments outstanding during grace periods are interest free, but the majority have interest compounding during the grace period. Be sure to check your loan contract for the specifics on any grace periods.
Credit cards for example, on which interest is calculated daily, do not have any grace periods.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
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grace period — grace ,period noun count a period of time that someone allows you to have before you must pay money you owe: All invoices are issued with the usual 10 day grace period … Usage of the words and phrases in modern English
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grace period — A time period during which a borrower can pay the full balance of credit due and not incur any finance charges (BANKRUPTCY DICTIONARY OF TERMS)/. United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
grace period — n. extra time allowed, as for payment of a note, insurance premium, etc. after it is due … English World dictionary
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grace period — UK / US noun [countable] Word forms grace period : singular grace period plural grace periods a period of time that someone allows you to have before you must pay money that you owe All invoices are issued with the usual 10 day grace period … English dictionary