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Nysus · 04-10-2005, 05:45 PM

I believe in Canada any interest above 40 or 60% (can't remember which) is considered loan sharking which is illegal.

Here's my question now;

Say you borrow $1,000, with an interest of 15% per month on it. That's $150 per month to payout, totalling $1800 annually received from interest.

Wouldn't that be considered an interest rate of 180%?

Matt

04-10-2005, 05:45 PM
Nysus Confirmed User Industry Role: Join Date: Aug 2001 Posts: 7,817	Loan sharking? I believe in Canada any interest above 40 or 60% (can't remember which) is considered loan sharking which is illegal. Here's my question now; Say you borrow $1,000, with an interest of 15% per month on it. That's $150 per month to payout, totalling $1800 annually received from interest. Wouldn't that be considered an interest rate of 180%? Matt __________________ What name is pr0 / Untouched Markets using these days? Untouched Markets - pr0 - Refund My Money Now Someone owes me $2,000 because they didn't do any work that was paid for pointing at pr0 / William / UntouchedMarkets See https://gfy.com/fucking-around-and-business-discussion/948258-untouchedmarkets-pr0-refund-money-post16744521.html and for more detailed see https://gfy.com/fucking-around-and-business-discussion/948645-re-recent-bullshit-drama-explained-detail-pr0-untouched-markets.html