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

In Washington State, the amount of interest that is owed on a small claims court judgment is calculated using the Washington State Legal Interest Rates. The rate of interest is set by the legislature and is based on the average prime rate each year. To calculate the amount of interest owed on a small claims court judgment, you will first need to know the legal interest rate for Washington State. This can be found on the court’s website or at the office of the Clerk of the Court. Once you have the interest rate for the year in which the judgment was issued, you’ll need to multiply the total amount of the judgment by the interest rate for that year and divide by 365 to determine the daily interest owed. For example, if a judgment was issued in 2021 and the interest rate for that year is 4%, then you would multiply the total amount of the judgment by 0.04 (the interest rate in percent) and divide by 365 to determine the daily interest owed. Once you have the daily interest owed, you will need to calculate how many days have passed since the judgment was issued and multiply the daily interest owed by the number of days that have passed. The result of this calculation will give you the total amount of interest owed on the small claims court judgment. It is important to remember that the interest rate changes every year and thus must be updated annually in order to correctly calculate the amount of interest owed on a small claims court judgment.

Related FAQs

Is there a limit on the amount of damages that can be recovered in a small claims court case?
How do I prepare for a small claims court hearing?
Can I appeal a ruling of a small claims court judge?
How long does it take to pursue a claim in small claims court?
How much time do I have to file an appeal in a small claims court case?
Are there any restrictions on the type of evidence I can submit in a small claims court case?
What is the process for objecting to evidence in a small claims court case?
Are there any statutes of limitations on small claims court cases?
What is the process for obtaining a garnishment order in a small claims court case?
Can I represent someone else in small claims court?

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

Related FAQs

Related Blog Posts