Legal Question in Credit and Debt Law in California

Legal interest rate on money owed

I need to figure the legal interest rate for money owed since July 22, 2003. The debtor in a small claims case in San Mateo County, California called me today and wants to pay. This is the language on the form:Declaration of Accrued Interest. Interest on the judgment accruing at the legal rate from the date of entry on balances due after partial satisfactions and other credits in the amount of $----. The judgment was mailed to me July 22, 2003, and the amount of the judgment was $3647.


Asked on 10/30/07, 5:25 pm

1 Answer from Attorneys
JOHN GUERRINI THE GUERRINI LAW FIRM - COLLECTION LAWYERS

Re: Legal interest rate on money owed

10% per annum, simple interest.

For example, if the judgment is $1000, that's $100 per year.

You can easily calculate the daily rate by multiplying your judgment by .10 (yielding the annual rate) and then dividing by 365.

To calculate the total interst due through a date certain, calculate the total number of days since entry of judgment and multiply that by the daily rate.

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Answered on 10/30/07, 5:43 pm


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