Virginia borrowed money from G & L Lending at 35% interest per year. The state maximum interest rate is 20% per year. Virginia defaulted on the loan. What amount can G& L collect from Virginia?
a. G & L will be able to collect the principal plus 20% interest per year.
b. G & L will be able to collect the principal but not any interest.
c. G & L will not be able to collect either the principal or interest.
d. Any one of the above may be correct. The answer depends on the particular state law.
d
You might also like to view...
Molly notices her employees seem less motivated lately, so she turned to OB research for guidance. She learned about Herzberg’s two-factor theory of motivation. Which of the following factors should she focus on in order to best motivate her followers?
A. pay B. working conditions C. sense of achievement D. company policies
A strategic alliance is a
a. packaged software. b. way for two companies to jointly contribute to the supply chain. c. way to downsize. d. method of examining processes.
The median income test is a bankruptcy rule that states that if a debtor's median family income is at or below the state's median family income for a family the same size as the debtor's family, the debtor can receive Chapter 7 relief
Indicate whether the statement is true or false
The FTC can impose a fine for each violation of a voluntary compliance affidavit, a consent order, an FTC rule, or a cease and desist order, even one issued against someone else
a. True b. False Indicate whether the statement is true or false