Bob loans Bill $5000 at 45% interest to be paid yearly A State Usury Statute states that
Fantastic news! We've Found the answer you've been seeking!
Question:
Bob loans Bill $5000 at 45% interest to be paid yearly A State Usury Statute states that the highest interest rate that can be charged is limited to 3 % per month on the principle Bob claims that since the Statute does not address the yearly rate to be paid, he can charge his interest rate of 45% yearly Is he correct? Why? Why Not
Related Book For
Managerial Economics and Strategy
ISBN: 978-0321566447
1st edition
Authors: Jeffrey M. Perloff, James A. Brander
Posted Date: