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

In order to calculate the amount of interest owed on a small claim in Virginia, you must first understand the interest rate that is applied in the state. In Virginia, all judgments carry an interest rate of 6% annually or 0.5% per month. To calculate the amount of interest, you must first multiply the amount of the judgment by 0.5% if you are calculating on a monthly basis. Alternatively, you could multiply the amount of judgment by 6%, if you are calculating on an annual basis. For example, if the judgment amount was for $2,000, then the monthly interest would be calculated as $2,000 x .005, which equals $10.00. The annual interest would be calculated as $2,000 x .06, which equals $120.00. Once you have determined the amount of interest, you should add it to the judgment amount. This will give you the total amount that the defendant must pay. It is important to note that interest only applies to judgments greater than $25.00. For judgments that are $25.00 or less, no interest is applied.

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

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