Reed needed expensive medical treatment for the injuries he suffered in a fire that ravaged his home. Lacking medical insurance and unable to obtain a bank loan, Reed turned to Lance, a local person known for his gambling prowess. Lance offered Reed $15,000 if Reed would repay him $23,000 in 36 monthly installments of $521 each. According to the laws in Reed's state, the maximum amount of annual interest that can be charged on loans is 20%. Explain whether Lancet's loan was legal.
Paper#15957 | Written in 18-Jul-2015Price : $27