1. The part of the judgment of the court of first instance against the plaintiff, which orders payment below, shall be revoked.

The defendant.

1. Facts of recognition;

A. The Plaintiff lent KRW 4,850,000 to the Defendant on October 4, 2015, KRW 4,850,000 on November 18, 2015, KRW 4,850,00 on November 18, 2015, and KRW 4,750,00 on December 18, 2015.

The agreed interest rate of each of the above loans was 60% per annum (5%).

B. On February 16, 2017, the Defendant paid the Plaintiff KRW 7,300,000 as interest on each of the above loans.

[Ground of recognition] Unsatisfy, Gap evidence Nos. 1, 2, and 3, the purport of the whole pleadings

2. When calculating the principal and interest of each loan that the Plaintiff lent to the Defendant as of January 15, 2018, the Plaintiff’s cause of the claim remains 14,450,000 won in total, and 560,821 won in total [the sum calculated by the rate of 25% per annum from each loan date to January 15, 2018] - KRW 7,300,000 in which the Defendant repaid to the Defendant (a total of the amounts calculated by the rate of 25% per annum from each loan date).

Therefore, the Defendant is obligated to pay to the Plaintiff the agreed interest calculated at the rate of 25% per annum on the principal amount of KRW 15,010,821 as well as the principal amount of KRW 14,450,000 among them.

3. According to the above facts of determination, the Defendant is obligated to pay to the Plaintiff interest or delay damages at the rate of 25% per annum as stipulated in Article 2(1) of the Interest Limitation Act and Article 2(1) of the former Interest Limitation Act (wholly amended by Presidential Decree No. 28413, Nov. 7, 2017) of the former Interest Limitation Act, among the 60% per annum, which is the agreed interest rate from the respective lending dates, and the interest or delay damages at the rate of 14,850,000 won per each loan (wholly amended by Presidential Decree No. 28413, Feb. 8, 2017).

(Interest Limitation Act provides that “The amount exceeding 25% per annum, which is the agreed interest rate between the Plaintiff and the Defendant, exceeds 60% per annum pursuant to Article 2(3).” However, when calculating the principal and interest of each of the instant loan claims of the Plaintiff as of February 16, 2017, the Defendant’s repayment date, the Defendant’s repayment date, the amount of loans as of October 4, 2015 (i) KRW 4,850,000, interest1,67,602 (i.e., KRW 4,850,00 x 00 x 0.25 x 50 days x 50 days x less than KRW 502 / 365 x less than KRW 4,850,000, interest18,516 x KRW 4,850,050,000 x KRW 4,057 x 25.75 days.