Which of the following is a rate of interest,prescribed by the applicable state (or federal)statute,that is applied to a determined amount of economic loss?

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The rate of interest prescribed by the applicable state (or federal) statute is known as the statutory rate. This rate is applied to a determined amount of economic loss, such as damages awarded in a lawsuit or unpaid taxes. It is different from federal rates, which are set by the Federal Reserve to manage the economy, economic rates which are usually used in financial forecasting, and penal rates which are applied as a form of punishment for certain financial infractions.

Which of the Following Is a Rate of Interest,prescribed by the Applicable