Legal Question in Credit and Debt Law in Texas
Smalls claim court interest
I won a judgment against an individual and he has paid a portion of it back. The court order dictates a 10% interest. I talked to the court and they said it was per annum. Since he has paid some, how do I figure up the interest to be paid?
1 Answer from Attorneys
Re: Smalls claim court interest
Calculate the interest from the date of judgment until the first payment on the judgment by multiplying the total judgment by the number of days times 0.10 and divide by 365. Add that number to the judgment and that will give you the total when the first payment was made. Subtract that payment from the total, and multiply that by the number of days from that payment to the next, times 0.10, divided by 365. Keeping doing that for each payment, until the present date.
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