Abramowitz obtained a one-year mortgage loan from Barnett Bank for $400,000 at 9 percent interest with a 1 percent "point" or service fee. The maximum lawful rate of interest on such a loan is 10 percent. The bank deducted the $4,000 service fee from the loan proceeds, actually disbursing only $396,000 to Abramowitz. During the one-year term of his loan, Abramowitz was charged and he paid $36,347.78 in interest. He claims the loan was usurious since the $4,000 "service fee" plus the $36,347 interest charge exceeded the 10 percent limit on total interest. Is the loan usurious? Explain.