1. The defendant's appeal is dismissed.

2. Until this judgment becomes final and conclusive, the defendant against the plaintiff.

Facts of recognition

On October 14, 2002, the Plaintiff entered into a monetary loan agreement (hereinafter referred to as the “instant loan agreement”) with a female creamble Co., Ltd. (hereinafter referred to as “ female creamble”), whereby it borrowed KRW 3,000,000, the first limit of loan, KRW 5,000,000 per annum, interest rate of KRW 131.4% per annum, interest rate of delay delay rate of KRW 160.6% per annum, October 14, 2007 on the expiration date of the contract, and April 14, 2007, and borrowed KRW 3,00,000 on the same day from female cream.

Article 8 of the Loan Agreement of this case provides that the obligor shall lose the benefit of time if the obligor fails to pay the repayment pursuant to the agreement even once, and that the obligee may claim the obligor to pay the principal and interest of the loan immediately.

The Plaintiff paid 206,000 won to female Lewdy on November 2, 2002, but did not fully perform the obligations stipulated in the instant loan agreement.

The claim against the plaintiff of women's Ledy (hereinafter "the claim of this case") was assigned in sequence to the defendant on September 30, 2003 and January 10, 2004.

On February 23, 2011, the Defendant filed an application for a payment order with the Plaintiff for the payment of the instant claim with the Seoul Central District Court (Seoul Central District Court Decision 201Da35097). On February 25, 2011, the payment order (hereinafter “instant payment order”) was issued on February 25, 201, stating that “the Plaintiff shall pay to the Defendant damages for delay calculated at the rate of 38.69% per annum from February 23, 2011 to the date of full payment, calculated at the rate of 38.69% per annum from February 23, 2011.”

In applying for the instant payment order, the Defendant calculated the principal and interest of the instant claim KRW 19,567,919 as follows.

The agreed interest rate of 62.05% per annum as determined by the Defendant on the principal amounting to 2,99,200 won from November 3, 2002 to December 6, 2002 shall be within the range of agreed delay damages from December 7, 2002 to February 22, 201.