Multiple Choice
Farmland County Bank offers to lend money to Gino,the owner of Home Hardware Store,at 15 percent interest.Before Gino accepts,a state statute is enacted prohibiting loans at rates greater than 12 percent.Gino and the bank have
A) a contract for a loan at 15 percent interest.
B) a contract for a loan at 12 percent interest.
C) a contract for a loan at 0 percent interest.
D) no contract for a loan.
Correct Answer:
Verified
Correct Answer:
Verified
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