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

In Colorado, the interest owed on a small claims court judgment is calculated using the legal rate of interest. The rate of interest set in Colorado is currently 8%. This rate is adjusted once every three years and the amount of interest owed is usually based upon the date of the judgment. To calculate the amount of interest owed on a small claims court judgment, you will first need to know the total amount of the judgement and the date of the judgement. Then, you will need to determine the amount of time that has passed since the judgement date. You will then multiply the total amount of the judgement by the legal rate of interest and divide the answer by 365 and then multiply the result by the number of days that have passed since the judgement date. For example, if the judgement amount is $100 and the judgement was made on April 1, 2021, and it is now July 1, 2021, you will need to multiply $100 by 8% (0.08) and divide the result (8) by 365 and then multiply by 90 (the number of days that have passed since April 1). The total amount of interest owed in this case would be $2.43. It is important to remember that the legal rate of interest may vary in different states, and it is important to check the legal rate of interest in Colorado specifically. Additionally, if the judgement amount has not yet been paid in full, additional interest may be owed.

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

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