What is the name of your state (only U.S. law)? MO
The numbers add up, but I am interested in knowing if I am calculating the interest on the correct amount and making adjustments properly after payment.
Original Amount of Judgment: $5,000 (3/1/2016)
Post Judgment Cost: $50
Service Fee: $50
Clerk Fee Surcharge: $10
First payment 1/10/2017: $500
Second payment 1/20/2017: $500
Interest rate: 9%
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3/1/2016 to 1/10/2017 = 316 days
Thus, 0.09 / 365 = 0.00024657534
0.00024657534 x 5000 = 1.23287671233 (Representing 1 day of interest on $5,000 at 9%)
1.23287671233 x 316 = 389.589041096 (Amount of interest on 316 days at 9%)
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1/11/2017 to 1/20/2017 = 10 days
Thus, 0.09 / 365 = 0.00024657534
0.00024657534 x 4500 (since $500 payment was made on 1/10/2017) = 1.1095890411 (Representing 1 day of interest on $4,500 at 9%)
1.1095890411 x 10 = 11.095890411 (Amount of interest on 10 days at 9%)
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1/21/2017 to 7/29/2017 = 190 days
Thus, 0.09 / 365 = 0.00024657534
0.00024657534 x 4000 (since $500 payment was made on 1/20/2017) = 0.98630136986 (Representing 1 day of interest on $4000 at 9%)
0.98630136986 x 190 = 187.397260274 (Amount of interest on 190 days at 9%)
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Summary
Total interest = $588.082191781 (389 + 11 + 187)
Total Amount Owed (including fees): 5,698.08 (5000 + 588 + 50 + 50 + 10)
The numbers add up, but I am interested in knowing if I am calculating the interest on the correct amount and making adjustments properly after payment.
Original Amount of Judgment: $5,000 (3/1/2016)
Post Judgment Cost: $50
Service Fee: $50
Clerk Fee Surcharge: $10
First payment 1/10/2017: $500
Second payment 1/20/2017: $500
Interest rate: 9%
---
3/1/2016 to 1/10/2017 = 316 days
Thus, 0.09 / 365 = 0.00024657534
0.00024657534 x 5000 = 1.23287671233 (Representing 1 day of interest on $5,000 at 9%)
1.23287671233 x 316 = 389.589041096 (Amount of interest on 316 days at 9%)
-
1/11/2017 to 1/20/2017 = 10 days
Thus, 0.09 / 365 = 0.00024657534
0.00024657534 x 4500 (since $500 payment was made on 1/10/2017) = 1.1095890411 (Representing 1 day of interest on $4,500 at 9%)
1.1095890411 x 10 = 11.095890411 (Amount of interest on 10 days at 9%)
-
1/21/2017 to 7/29/2017 = 190 days
Thus, 0.09 / 365 = 0.00024657534
0.00024657534 x 4000 (since $500 payment was made on 1/20/2017) = 0.98630136986 (Representing 1 day of interest on $4000 at 9%)
0.98630136986 x 190 = 187.397260274 (Amount of interest on 190 days at 9%)
---
Summary
Total interest = $588.082191781 (389 + 11 + 187)
Total Amount Owed (including fees): 5,698.08 (5000 + 588 + 50 + 50 + 10)
