Abstract
If A, having no cash at hand, wishes to buy some furniture, three ways of financing the sale are available. (i) He may borrow from a third person and pay the seller in cash. (2) He may buy on the instalment plan at a credit price determined by adding the interest in a lump sum to the cash price. (3) Or, buying on the instalment plan, he may obligate himself to pay the seller the cash price, at an interest rate expressed as such. If the loan bears excessive interest' it is uniformly held usurious. If, in the second transaction, usurious interest is lumped in the credit price, it is nevertheless sustained on the ground that the vendor may set one price for cash and another for credit.2 And because the third transaction is in substance like the second,
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