Opinion ID: 449245
Heading Depth: 2
Heading Rank: 1

Heading: Amount of interest allowable:

Text: $62,300.00 Face amount of note - 1,436.47 Prepaid charges ------------- $60,863.53 True principal $60,863.53 X .00877572 30 year monthly interest factor at 10% ----------- annual rate (See Am. Jur.2d Desk Book at 431 (1979)) $534.1212974 $534.1212974 X 360.8709677 Term of loan: 360 months, 27 days ------------- $192,748.87 Total amount of principal and interest payable for 30 years loan at 10% per annum $192,748.87 - 60,863.53 True principal ------------- $131,885.34 Total interest legally allowable B. Amount of interest charged under the contract: $ 529.55 Amount of the Perrys' monthly principal and interest payments X 360 Number of monthly payments ------------- 190,638.00 Total amount of principal and interest payable under the terms of the Hammond- Perry note $190,638.00 - 60,863.53 True principal ------------- $129,774.47 Total interest chargeable under the note C. Amount of additional interest Hammond could have legally charged the Perrys after deducting $1436.47 in prepaid charges from the face amount of the note: $131,885.34 Total interest legally allowable - 129,774.47 Total interest chargeable under the note ------------- $ 2,110.87 Additional interest Hammond could have legally charged the Perrys