Altherr v. Wilshire Mortgage Corp.

CAMERON, Chief Judge.

This is an appeal from a judgment foreclosing a mortgage in favor of the plaintiff Wilshire Mortgage Corporation and against the defendants Robert K. and Pauline Altherr, husband and wife. The defendants raised the affirmative defense of usury, § 44-1202 A.R.S., which specifies a maximum legal interest rate of eight percent per annum.

The trial court made findings of fact and conclusions of law, and granted judg*578ment in favor of the plaintiff in the amount of $85,273.08 plus costs and attorney’s fees in the amount of $7,500.00.

We are called upon to determine whether certain…