Bailey v. . Inman

Plaintiff’s challenge to the correctness of the judgment of the Superior Court fails for these reasons:(1) The contract of sale and purchase alleged to be usurious clearly states that the balance of $700.00 of the purchase price is payable in installments of $12.00 every 28 days until the full sum of $700.00 be paid — interest to run “at the rate of 6% per annum.” While there is a breakdown and spread of the twelve dollar payments into principal and interest, there is nothing in the contract to show that it was the intention to take or to charge a greater rate of interest than the legal rate…