in selling a business what

Hi Leftta,

There is no such maximum limit of interest rate in California like Florida. In the state of California, the law allows to charge maximum of 10% for consumers and for non-consumers it 5% greater than the Federal Reserve Bank of San Francisco's rate.

Thanks

is it 25% in florida, that is really very high

Yes, it is too high. In fact it is the usury rate - the maximum interest rate charged above a certain limit predetermined by the law. For loans above $2,50,000 in Florida, the maximum rate is 25%. Otherwise, it is 18%.

For any more details on usury, you can go through our section on State-wise listing of Usury rates.

Jerry