If you were charged the maximum legal rate of interest on a $1000 loan for one year,the interest cost would be $60.

Name: If you were charged the maximum legal rate of interest on a $1000 loan for one year,the interest cost would be $60.
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Quizplus · Accepted Answer

The maximum legal rate of interest varies by state and country, so it cannot be assumed that it is always 6%. Additionally, the interest cost would be $60 if the interest rate was 6%, but it could be more or less depending on the actual interest rate charged.

If You Were Charged the Maximum Legal Rate of Interest