Brenda borrows $1,000 from Lincoln for one year, agreeing to pay Lincoln $200 in interest on the
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Brenda borrows $1,000 from Lincoln for one year, agreeing to pay Lincoln $200 in interest on the loan and to repay the loan in twelve monthly installments of $100. The contract that Lincoln provides and Brenda signs specifies that the annual percentage rate is 20 percent. Does this contract violate the Federal Consumer Credit Protection Act? Why or why not?
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Related Book For
Essentials Of Business Law And The Legal Environment
ISBN: 9781337555180
13th Edition
Authors: Richard A Mann, Barry S Roberts
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