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

In Maryland, figuring out the amount of interest owed on a judgment from small claims court can be complicated. To start, the amount of interest that is owed is based on the amount of the judgment and the interest rate set by the state. In Maryland, the interest rate on a small claims court judgment is set at 6% per year, calculated from the date of the original judgment. To calculate the total interest owed, you need to first find the number of days from the date of the original judgment to the day the judgment was paid. Then, you can calculate the amount of interest by multiplying the judgment amount by the interest rate, divided by 365 (the number of days in a year), and multiplied by the number of days that have passed. For example, if you had a judgment of $2500 and it had been paid two years after the date of the judgment, you would calculate the interest owed in the following way: ($2500 x 0.06) / 365 x 730 (number of days since the judgment) = $234.79 interest owed. By following these steps, you can properly calculate the interest amount owed on a small claims court judgment in Maryland.

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

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