Interest

[Erinkm]

I live in Pennsylvania and was hoping you could tell me the answer to the following: If a friend or relative gave me a loan of $4000.00, what is the maximum amount of interest they could charge me and how would it be broken down? Thank you

 

[I AM ALWAYS LIABLE]

I live in Pennsylvania and was hoping you could tell me the answer to the following: If a friend or relative gave me a loan of $4000.00, what is the maximum amount of interest they could charge me and how would it be broken down? Thank you

My response:

The maximum interest rate that can be charged on a private debt in PA is 9% per year, on the unpaid balance. The interest amount can also bear like interest.

IAAL