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

In Pennsylvania, if a party obtains a judgment in small claims court, they can collect interest in addition to the principal amount of the judgment. The amount of interest owed follows the rules and regulations set forth by the Pennsylvania Department of Banking and Securities. To calculate the amount of interest owed on a small claims court judgement, it is necessary to know the current legal interest rate in Pennsylvania. As of 2020, the legal interest rate in Pennsylvania is 6%. This rate applies to civil judgments and court orders. To calculate the interest owed on a small claims court judgment, you need to determine the principal amount of the judgment, the length of time for which interest will be charged, and the current legal interest rate in Pennsylvania. Using these three items, you can use an interest calculator to determine the amount of interest due on the judgment. For example, if a judgment in small claims court is for $500, the length of time for which interest will be charged is two years, and the current legal interest rate in Pennsylvania is 6%, using an interest calculator to calculate the interest will yield an interest amount of $60. To collect the interest on a small claims court judgments, the successful party must go back to the court and file a motion to add interest to the judgment. The successful party must also provide evidence that they have not been paid. The court will then order the payment of interest on the judgment.

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

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