Farmland County Bank offers to lend money to Gino, the owner of Home Hardware Store, at 15 percent interest. Before Gino accepts, a state statute is enacted prohibiting loans at rates greater than 12 percent. Gino and the bank have
a. a contract for a loan at 15 percent interest.
b. a contract for a loan at 12 percent interest.
c. a contract for a loan at 0 percent interest.
d. no contract for a loan.
D
Business
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