Asked by Jaiden Hamilton on Apr 27, 2024
Verified
A lender who makes a loan at an interest rate above the lawful maximum commits usury.
Usury
Charging an illegal rate of interest.
Lawful Maximum
The highest limit allowed by law, often referring to interest rates, fees, or other financial charges.
Interest Rate
An Interest Rate is the percentage charged on the total amount of borrowed money or paid on savings, over a specific period of time.
- Understand the concept of usury and the legal consequences of exceeding lawful interest rates.
Verified Answer
TN
Thúy NgânnApr 27, 2024
Final Answer :
True
Explanation :
Usury is the act of lending money at an interest rate that exceeds the maximum rate that is allowed by law.
Learning Objectives
- Understand the concept of usury and the legal consequences of exceeding lawful interest rates.