Request For Judgment Interest
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FAQ
For most types of debt, the rate is usually 8%. To calculate this, use the steps below: Work out the yearly interest: take the amount you're claiming and multiply it by 0.08 (which is 8%). Work out the daily interest: divide your yearly interest from step 1 by 365 (the number of days in a year).
Calculating interest owed You input the judgment amount, date, and payment history, and the program does all the calculations for you. The calculator has the interest rate set at 10%.
HOW TO CALCULATE POST JUDGMENT INTEREST Take your judgment amount and multiply it by your post judgment rate (%). Take the total and divide it by 365 (the number of days in a year). You will end up with the amount of post judgment interest per day.
If Bob were two years late in paying you, you would multiply the principal amount ($1,000) by the interest rate (0.1) by the number of years (2): 1,000 x 0.1 x 2 = 200. Bob would owe you $200 in interest, plus the principal amount of $1,000.
You can calculate your total interest by using this formula: Principal loan amount x interest rate x loan term = interest.
