Legal Question in Family Law in Oregon
terminology meaning
when it is said '' interest will accrue at 9% per annum '' what does the term '' annum '' mean?
Asked on 6/11/08, 2:14 pm
1 Answer from Attorneys
Lawrence D. Gorin, Atty.
Law Offices of Lawrence Gorin
Re: terminology meaning
Per annum means "per year."
Under Oregon law, court-ordered judgments for the payment of money -- to the extent the money is not paid when due -- accumulate interest at 9.0% per year on the unpaid balance due and owing. This is "simple interest" (no compounding). It amounts to 0.75% per month.
ldg
Answered on 6/11/08, 3:37 pm
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