687.125 Compounding of interest.
63 words·~1 min read·
/fl/title-xxxix/chapter-687/687-125·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Interest or finance charges on any loan or extension of credit secured by a mortgage which contains a provision for the compounding of interest may be compounded provided the total amount of interest received by the lender as a result of such compounding, including interest upon interest, produces an effective yield which does not exceed any interest rate limitation imposed by applicable law.