General

Maximum Legal Interest Rate?

Tom M. Loanshark loans $24,000 to LPG Industries LLC with an annual interest rate of 23%. Assume that this is done in the State of New York. This contract (loan) is:
A. Illegal
B. Usurious
C. is against public policy
D. Legal

This question was on my test. The answer is 'D' and I believe my professor said the maximum legal interest rate is 24%. But I just checked on Google and it says 16% everywhere. No where did I see anything about 24%. Anyone know? o.o