EXAMPLE: Pre-Judgment Interest Calculation
EXAMPLE: Pre-Judgment Interest Calculation
Sample case: Motion to Reduce to Judgment is filed November 22, 2011, claiming $1,000 was not paid. The money has been due since March 16, 2011. Plaintiff files the Motion with the following prejudgment interest calculations attached:
1. Principal amount and date it became due: $1,000 due March 16, 2011
2. $1,000 x . Principal
.0375 ? Annual Interest Rate
365 x Days In Year
251 = No. of Days Between March 16 and November 22 (date motion filed)
$25.78 Interest Due For That Period
3. Principal:
$1,000.00
Prejudgment Interest: + 25.78
New Balance Due:
$1,025.78
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