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 Lance's loan was legal.
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