please skip the chinese words

this is canada business law

Problem: Usurious Contract : Business student Steve (S) takes out a loan of $ 2,400 from bank B with an interest rate of 10% p.a. to finance a study semester abroad. In accordance with the agreement, the contract document signed by S and the B-bank states that "... B-bank is obliged to pay out $ 2,400 to S and that S has to repay the loan in twelve monthly instalments of $ 220 each." S receives the agreed amount of money in the amount of $ 2,400. Was an effective credit agreement concluded on these terms