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

In Indiana, calculating the amount of interest owed on a small claims court judgment is relatively simple. The interest rate is set by the state at 8% annually. To calculate the interest owed, simply multiply the amount of the judgment by 8%, divide that by 100, and multiply it by the number of days the judgment has been in effect. For example, if the small claims judgment is $1,000 and the judgment is 1 year old, the interest on the judgment would be calculated as follows: $1,000 x 8% = $80 $80/100= $0.80 $0.80 x 365 (the number of days in a year) = $292 Therefore, the total amount of interest owed on the small claims court judgment would be $292. If the judgment was issued more recently and is not a year old, you must first calculate the number of days the judgment has been in effect to get the total interest owed. It is important to note that the 8% annual rate is the maximum interest rate allowed by the state of Indiana. The court may set a lower interest rate at its discretion.

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

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