How do you calculate post judgment interest?
HOW TO CALCULATE POST JUDGMENT INTEREST
- Take your judgment amount and multiply it by your post judgment rate (%).
- Take the total and divide it by 365 (the number of days in a year).
- You will end up with the amount of post judgment interest per day.
What is the Post judgment interest rate in Illinois?
9% per year
For many years, Illinois plaintiffs in personal injury and wrongful death actions have been entitled to statutory postjudgment interest, currently at a rate of 9% per year. (735 ILCS 5/2-1303(a)).
What is the current post judgment interest rate?
The post-judgment interest rate for judgments entered from November 15, 2021 through November 21, 2021 is: 0.16%. 2021 rates may be found here.
Do judgments accrue interest?
Usually, when a creditor obtains a judgment against you, it includes interest on the amount of the judgment. Interest will start to accrue on the date the judgment was entered by the court. That interest will continue to accrue until the judgment is paid in full.
How is post-judgment interest calculated in Illinois?
To calculate your own post-judgment interest, count the number of days between judgment was rendered and the date set by the court, and multiply the number of days by the appropriate rate.
What is the legal rate of interest in Illinois?
9%
The state’s general usury rate remains 9%, but SB 1792 changes the interest calculation methodology from simple interest to an “annual percentage rate” (the “IL-APR”). The PLPA borrows its definition of the IL-APR from the Military Lending Act (MLA), which defines the term broadly as discussed below.
Does Judgement accrue interest?
How do you calculate interest on damages?
For most types of debt, the rate is usually 8%. To calculate this, use the steps below: Work out the yearly interest: take the amount you’re claiming and multiply it by 0.08 (which is 8%). Work out the daily interest: divide your yearly interest from step 1 by 365 (the number of days in a year).