1. Of the judgment of the court of first instance, the part against the defendant exceeding the following amount ordered to be paid shall be revoked.

1. According to the fact that no dispute over the cause of the claim exists, and the purport of Gap evidence Nos. 1 and 2 as well as the whole pleadings, the plaintiff lent KRW 10,000,000 to the defendant on January 14, 2014 as the date of repayment to the defendant on February 14, 2014, and paid KRW 9,00,000,000 to the defendant except for a monthly-paid interest of KRW 1,00,000,000.

(1) According to Article 2(1) and (3) of the former Interest Limitation Act (amended by Act No. 1227, Jan. 14, 2014) and Article 2(1) of the former Interest Limitation Act (amended by Presidential Decree No. 25376, Jun. 11, 2014); the maximum interest rate under a contract for monetary lending is 30% per annum; the portion exceeding the maximum interest rate under a contract is null and void; where the debtor arbitrarily paid the interest exceeding the maximum interest rate, the amount equivalent to the interest paid shall be appropriated for the principal, and where the amount of deduction exceeds the amount calculated based on the said maximum interest rate, the amount of deduction shall be appropriated for the principal.

(Supreme Court Decision 201Da55198 Decided October 11, 2012). Examining the above facts in light of the aforementioned legal doctrine, 225,000 won (i.e., 9,000,000 won (i., 9,000,000 won x 30% x 1/12) calculated based on 30% per annum, which is the highest interest rate stipulated in the former Interest Limitation Act, the Defendant actually received 1,00,000 won (i.e., 9,000,000 won x 30% x 1/12), the remaining principal of the above loan shall be 10,00,000 won (i.e., 10,000,000 won -775,000 won).

Therefore, the Defendant’s obligation to perform the Defendant’s loan amounting to KRW 9,225,00 (hereinafter “instant loan”) to the Plaintiff from February 15, 2014, the following day after the repayment date.