A Basic Methods for Calculating Interest on a Judgment - Idaho
[Pages:1]CAO Cv INSTRUCTION 10-1 A BASIC METHOD FOR CALCULATING INTEREST ON A JUDGMENT
Step 1: Multiply $
[J] X
judgment amount
interest rate
[ I ]% =
[A]
annual amount of
interest due
Step 2: Divide [A] by 365 = [DI] the daily interest amount
Step 3: Multiply the daily interest amount [DI] times the number of days since the date of judgment to determine the amount of interest owed
Example: Judgment of $2000; interest rate of 6% per year; 37 days since the date the judgment was entered
1. $2000 X .06 = $120 annual interest 2. $120/365 = $.329 per day 3. $.329 X 37 days = $12.17 interest owed.
Each year, the legal rate of interest for an Idaho judgment is computed by the Idaho State Treasurer's Office, Idaho Code 28-22-104.
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A BASIC METHOD FOR CALCULATING INTEREST ON A JUDGMENT
CAO Cv INSTRUCTION 10-1 4/26/2010
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