How do I calculate the amount of interest owed on a small claims court judgment?

In Colorado, interest on a judgment in small claims court is 6% per year. To calculate the amount of interest owed on a small claims court judgment, you need to know the principal amount (or face value) of the judgment. Then, you must divide the principal amount by 365 to get the daily rate. To get the monthly rate, you would use the daily rate and multiply it by 30. Then, you can multiply the monthly rate by the number of months the judgment has been outstanding to get the amount of interest owed. For example, if the principal amount of a judgment is $500, the daily rate would be $1.37, the monthly rate would be $41.11, and if the judgment was outstanding for 5 months, the amount of interest owed would be $205.55.

Related FAQs

What happens if I cannot attend the small claims court hearing?
Are there alternate dispute resolution options available in small claims court?
How do I calculate the amount of interest owed on a small claims court judgment?
Are there any rules prohibiting me from collecting a small claims court judgment outside of court?
Can I withdraw my small claims court case after it has been filed?
Can I introduce new evidence in a small claims court hearing after it has started?
How do I collect a small claims court judgment from a business?
How do I find out the status of my small claims court case?
Can I get a restraining order in a small claims court case?
Is there a limit on the amount of damages that can be recovered in a small claims court case?

How do I calculate the amount of interest owed on a small claims court judgment?

Related FAQs

Related Blog Posts