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

In Kansas, the interest rate for a small claims court judgment is calculated using the prevailing rate. To calculate the amount of interest owed, you must first ascertain the prevailing rate at the time the judgment was entered. This rate is set by the state as the rate of interest to be used for judgment debts. The interest rate is calculated from the date of the entry of the judgment until the date it is paid or otherwise satisfied. The interest rate can vary from year to year, so it is important to check the applicable rate before calculating the interest owed. The rate is a simple annual interest rate. To calculate the interest due, multiply the total amount of the judgment by the number of days between the entry of the judgment and the date it is paid or otherwise satisfied. Then, multiply that amount by the prevailing rate. The result is the amount of interest owed. For example, if the amount of the judgment is $2,500 and the interest rate is 5%, and the judgment is not paid until two years later, then the interest due on the judgment is $250. To calculate this, multiply $2,500 by the prevailing rate of 5%, and then multiply that result by the number of days (730) between the entry of the judgment and the date it is paid or otherwise satisfied. The result ($250) is the amount of interest owed.

Related FAQs

Can I request a change of venue in a small claims court case?
Can I represent someone else in small claims court?
How long does it take to pursue a claim in small claims court?
Are there rules regarding the use of expert witnesses in small claims court?
Can I withdraw my small claims court case after it has been filed?
What is the process for collecting a judgment from an out-of-state party in small claims court?
How do I know if I should appear in person in a small claims court case?
Are there any rules prohibiting me from collecting a small claims court judgment outside of court?
What is small claims court?
How does the evidence presented in a small claims court hearing differ from that presented in other courts?

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

Related FAQs

Related Blog Posts