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

In Massachusetts, the court in a small claims case is allowed to add interest to a judgment. The rate of interest is determined by the court and can range from 6% to 15%. To calculate the amount of interest, you’ll need to know the amount of the judgment and the amount of time the judgment has been outstanding. Let’s assume that the court has decided on an interest rate of 10%, the judgment amount is $1,500, and the judgment has been outstanding for one year. You can calculate the interest owed using the following formula: Interest = Principal * Rate * Time. In this case, Interest = 1,500 * 0.10 * 1 = $150. This means that the total amount owed on the judgment is $1,650 ($1,500 principal + $150 interest). It is important to keep in mind that this formula applies to all judgments in Massachusetts, not just small claims court judgments. You should also be aware that interest rate is set by individual courts, and it may not always be the same. Therefore, be sure to check with your local court to find out the current interest rate before calculating the amount of interest owed on your judgment.

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

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