Mick borrowed $700,000 from Lily to purchase a commercial property. The commercial property is registered under the Real Property Act 1900 (NSW). A mortgage was entered and duly registered. Mick repaid the loan to Lily in 3 years. The term of the mortgage is 5 years. There is no provision for early repayment. Lily claims interest for the full 5 year term of the mortgage. Mick argues that he should only pay the equivalent of 3 year's interest. Further investigation reveals that this is the first time that Lily has lent money to anyone. With reference to legal authority, advise Mick on the property law issues. Discuss how collateral advantage will not be discussed as it is irrelevant.