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True or false John went to the friendly pay day loan centre and borrowed $10,000. John signed a contract to pay 2% interest per month

True or false

John went to the friendly pay day loan centre and borrowed $10,000. John signed a contract to pay 2% interest per month on the $10,000 with no annual rate specified. Under federal law the friendly pay day loan centre is entitled to 5% per annum simple interest on the $10,000

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