Sombat owed Somsri 500,000 baht. The due date of repayment 25 Jul. 2015. However, on that date, Sombat did not repay the money to Somsri. Therefore, Somsri decided to give a notice to Sombat one week later.
a. Specify the date that Sombat was subjected to ‘default’.
b. If the loan bears interest rate during default at 7.5% per year, is it legal or illegal?
c. If Sombat repaid the loan at 25 Aug. 2015, specify the amount of the loan plus interest that Sombat had to repay.