Virginia borrowed money from G and 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

-G & L will be able to collect the principal plus 20% interest per year.

-G & L will be able to collect the principal but not any interest.

-G & L will not be able to collect either the principal or interest.

They all depending on the particular state law.

Explanation:

Complete Question-

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

All of the above may be correct. The answer depends on the particular state law

Answer is D

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.