15 May 2013
HKSAR v. GOOD TIME FINANCE LTD
- Citation
- HKSAR v. GOOD TIME FINANCE LTD
- Court
- Court of First Instance
- Case number
- HCMA835/2009
The loan instalments comprised both principal and interest so the total interest payable could not be expressed as a single constant simple actual annual rate; therefore Schedule 2 applies to appropriate repayments and calculate the true annual percentage rate, which in this case was 65.2% (exceeding the 60% statutory cap), and the magistrate was correct to convict.