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

When calculating the amount of interest owed on a small claims court judgment in South Carolina, there are certain variables to consider. The basic formula for calculating this amount involves multiplying the judgment amount by the applicable interest rate. First, you must determine the applicable interest rate. This rate varies depending on the type of case and is determined by the court. The most common types of cases include contract disputes and tort cases, such as personal injury or property damage. The current interest rate for contract disputes in South Carolina is 8% per annum. For tort cases, the rate is 10%. Once you have determined the applicable interest rate, you must calculate the amount of time for which the judgment has been outstanding. For example, if the judgment was entered one year ago, then the amount of time for which the judgment has been outstanding is one year. Lastly, you must calculate the amount of interest owed. To do this, multiply the judgment amount by the applicable interest rate, then multiply the result by the amount of time for which the judgment has been outstanding. To illustrate, if the judgment is for $2,000 and has been outstanding for one year at 10%, the amount of interest owed would be $200 (2,000 x 10% x 1 year). In summary, to calculate the amount of interest owed on a small claims court judgment in South Carolina, you must determine the applicable interest rate, calculate the amount of time for which the judgment has been outstanding, then multiply the judgment amount by the applicable interest rate and the amount of time for which the judgment has been outstanding.

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

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