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

In Idaho, most judgments in small claims court are subject to interest, although the rate can vary depending on whether the defendant is an individual or a business. Generally, interest for an individual is unspecified at the time of judgement and is set at the prime rate plus two percent. For a business, the interest rate is nine percent. To calculate the amount of interest owed on a small claims judgment, you will first need to know the amount of the original judgment. Multiply this amount by the applicable interest rate for the defendant, then divide that number by the number of days in the year (365). This is the amount of interest due per day. Next, you need to know how many days have passed since the judgment was entered. Multiply the amount of interest due per day by the number of days that have passed, and you will have the total amount of interest owed. For example, if you have an original judgment of $5,000 and the defendant is an individual, the interest due per day would be (5000 x (prime rate + 2%) / 365). If it has been seven months since the judgment was entered, then the amount of interest owed would be 7 x 30 x the interest due per day.

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

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