Missouri Laws 408.080 – Interest may be paid on interest — compounding limited to once a month — ..
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Terms Used In Missouri Laws 408.080
- Contract: A legal written agreement that becomes binding when signed.
- Month: means a calendar month, and "year" means a calendar year unless otherwise expressed, and is equivalent to the words year of our Lord. See Missouri Laws 1.020
Parties may contract, in writing, for the payment of interest upon interest; but the interest shall not be compounded more often than once a month. Where a different rate is not expressed, interest upon interest shall be at the same rate as interest on the principal debt. Loans governed by section 408.035 are not subject to the provisions of this section.