California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 4 — Loan, Chapter 3 — Loan of Money, Section 1916
When a rate of interest is prescribed by a law or contract, without specifying the period of time by which such rate is to be calculated, it is to be deemed an annual rate.
Notes
Sets an interest rate prescribed by law or contract as an annual rate when the law or contract does not specify the period over which the rate is calculated. The annual-rate treatment applies specifically when a stated interest rate lacks an express calculation period in the governing law or agreement.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 1916 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-4/chapter-3/section-1916