Yearly interest, as opposed to short interest, has been characterised1, with reference to interest on a loan, as interest payable in respect of a loan which has a measure of permanence and is in the nature of an investment2, not usually repayable on demand3, and having a tract of future time4. Accordingly, tax has been held to be deductible on payment of mortgage interest calculated by reference to a year but payable on an uncertain date5; of interest payable to bankers in respect of a mortgage for a fixed sum6; and of compound interest due under a mortgage with
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