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

In West Virginia, interest may be awarded on a small claims court judgment. The rate of interest is set by state law and is determined by the date of judgment. To calculate the amount of interest owed, you first need to know the date the judgment was entered and the amount of the judgment. To calculate the amount owed, begin by finding the applicable interest rate for the period of time between the date of judgment and when the judgment was paid (if any). In West Virginia, the interest rate is 8% per annum. Next, divide the annual interest rate by 12 to calculate the monthly interest rate. In this case, it would be 0.67%. Then, convert the date of judgment into the number of elapsed months since the judgment. For example, if the judgment was entered in August 2018, it would have been 14 months since the judgment. Finally, multiply the monthly interest rate (0.67%) by the number of elapsed months (14) to calculate the amount of interest owed. In this example, the total interest owed would be 0.94%. It is important to remember that interest rates and applicable laws may vary from state to state. It is always best to contact a lawyer or the court clerk’s office for the most up-to-date information.

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

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