Cengage Advantage Books: Law for Business 18th Edition by John Ashcroft ,Janet Ashcroft

تمرين 7

The Thomas Lakes Owners Association sued some owners of cabins and lots at Thomas Lakes for unpaid assessments and dues with interest. The association's bylaws prescribed that a late charge would accrue on delinquent dues at the rate of 1.5 percent per thirty days. That amounted to 18 percent per year. The owners alleged that the interest rate was usurious, as state law set the maximum amount of interest ar 16 percent. How would you decide the case?