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

Interest may be due on a small claims court judgment in Rhode Island depending on the terms of the court order. Interest generally begins accruing on the day after the judgment is entered in the court records, and the amount of interest owed can be calculated using the interest rate set by the state. In Rhode Island, the interest rate is set according to the terms of the court order. Generally, if no rate is specifically set, the rate of interest is 11% per year, calculated from the day after the judgment is entered until payment is made in full. To calculate the amount of interest owed, the applicable interest rate should be multiplied by the amount of the court judgment and the number of days between the judgment date and the date of payment. For example, if a court judgment was for $1000 and payment was made 30 days after the judgment was entered, the interest calculation would be $1000 x 0.11 x 30 = $330 in interest. In some cases, an interest rate lower than the state rate may be specified in the court order. In these cases, the specified rate should be used instead of the state rate. It is important to remember that interest owed on a court judgment must be paid in full along with the original judgment amount. If interest or other fees are not paid in full, the court may hold a hearing and impose collection costs and other sanctions.

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

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