Fido

The bill has a late payment charge that will accrue on a daily basis and will be calculated and compounded monthly on the outstanding amount. What does it mean to accrue on a daily basis ? And how does that amount to an automatic full months interest...

If the "late payment charge will accrue on a daily basis and will be calculated and compounded monthly on the outstanding amount " Why is the FULL months interest charged if you are one day late. If your bill's late payment would be the same on day 1...

I don't understand if overdue interest is compounded daily how the interest owing is the same whether it is 1 day or 31 days late ?