Question
Bob loans Bill $5000at 45% interest to be paidyearlyA StateUsuryStatutestates that the highestinterestrate that can be charged is limited to 3 % per month on
Bob loans Bill $5000at 45% interest to be paidyearlyA StateUsuryStatutestates that the highestinterestrate that can be charged is limited to 3 % per month on the principleBob claims that since the Statute does not address the yearly rate to be paid, he can charge his interest rate of 45% yearlyIs he correct?Why?Why Not
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
