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QUESTIONS: 1. Is it a violation of Ch. 687, F.S. (Interest and Usury), for a lender to calculate interest on a 360-day year, when an individual is charged the maximum rate of 10 percent interest? 2. What is meant by the term "per annum" as it relates to interest?

SUMMARY: It is a violation of Ch. 687, F.S., for a lender, except those lenders, loans, or securities specifically excepted or exempted by law, to calculate interest on the basis of a 360-day year instead of a 365-day year when an individual is charged the maximum rate of 10 percent interest per annum. The term "per annum" means "by…