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

In Rhode Island, calculating the amount of interest owed on a small claims court judgment is relatively straightforward. First, you need to determine the principal amount of the award, which is the amount of the judgment minus any court costs. Next, multiply the principal amount by the applicable interest rate. Rhode Island law sets the interest rate at 12% for judgment debts. This rate applies from the date of the judgment until the date of payment in full. As an example, if you receive a judgment of $1,000 and court costs of $50, the principal amount of the judgment is $950. Multiply that amount by the interest rate of 12%. In this example, the amount of interest owed on the judgment would be $114.

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

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