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.
Correct Answer:
Verified
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