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Case 4 Michael, who is a new immigrant, borrowed money to a lending company, AB Finance Ltd . In their conversation, Michael told the agent

Case 4
Michael, who is a new immigrant, borrowed money to a lending company, AB
Finance Ltd. In their conversation, Michael told the agent of the lending company
that he is a new immigrant, and he is in dire need of money to support his family
back home. The loan agreement stipulates that the annual interest rate is sixty-five
(65%) and the term of the contract is one year.
Issues: Is the annual interest rate enforceable or unenforceable? In the
absence of stipulation, the applicable interest rate under the law applies.
Please state your reasons.

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