How would you decide the case give specified answer

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Reference no: EM131471507

Question: The Thomas Lakes Owners Association sued some owners of cabins and lots at Thomas Lakes for unpaid assessments and dues with interest. The Association's bylaws prescribed that a late charge would accrue on delinquent dues at the rate of 1.5 percent per 30 days. That amounted to 18 percent per year. The owners alleged that the interest rate was usurious, as state law set the maximum amount of interest at 16 percent. How would you decide the case?

Reference no: EM131471507

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How would you decide the case give specified answer : The Thomas Lakes Owners Association sued some owners of cabins and lots at Thomas Lakes for unpaid assessments and dues with interest.

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