Which statement is true about the limit on the rate of interest that a lender may charge?
A) Interest rates are strictly regulated on loans to corporations and other businesses.
B) More than half of the states have no interest rate limits on credit card transactions.
C) Interest rates on installment loans may not exceed the interest rate cap of other types of loans.
D) Expenses such as document preparation, inspections and title inspection must be considered in determining the rate of interest allowable under the usury statutes.

Question

Quizplus · Accepted Answer

More than half of the states in the United States have no specific interest rate caps on credit card transactions, allowing credit card companies to charge rates that are determined by the market or their agreements with customers.

Which Statement Is True About the Limit on the Rate