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What is the grace period on a bill?The time between when the bill is issued and when payment is due.The time between when a bill is received and when payment is due.The time between when a payment is made and when it is received.The time after a bill is due that it can be paid without a late fee assessed.

The correct answer is: The time after a bill is due that it can be paid without a late fee assessed

The correct answer is: The time after a bill is due that it can be paid without a late fee assessed.

A grace period on a bill refers to the additional time given to the debtor to make a payment after the due date has passed, without incurring any late fees or penalties. This period generally varies depending on the type of bill and the terms outlined by the creditor. During the grace period, the debtor has a window of opportunity to submit the payment without any negative consequences. However, it is important to note that interest may still accrue during this period, especially for bills with a revolving balance such as credit cards. Once the grace period is over, late fees or penalties may be applied, and the creditor may report the late payment to credit bureaus, affecting the debtor’s credit score.

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