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

In Hawaii, the interest rate used to calculate the amount of interest owed on a small claims court judgment is defined by the State of Hawaii statutory interest rate. The current rate is 4.35%. To calculate the amount of interest owed, simply multiply the amounts of the judgment by the interest rate and the number of years since the judgment was entered. For example, if a judgment is for $1,000 and was entered 3 years ago, the amount of interest owed would be $130.50 (1,000 x 0.0435 x 3). It is important to note that if the judgment is paid in full within 30 days of the judgment date, then no interest is due. Additionally, interest does not accrue on judgments that are appealed. If an appeal is successful, then interest will not be charged until the date of the successful appeal. It is also important to note that the court may reduce or waive the interest due if the judgment debtor can show good cause, such as financial hardship. Overall, calculating the amount of interest owed on a small claims court judgment in Hawaii is relatively simple. It involves taking the principal amount of the judgment and multiplying it by the state statutory interest rate and the number of years since the judgment was entered. However, it is important to note that interest may not have to be paid if the judgment is paid in full within 30 days or if the judgment is appealed.

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

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