The interest rate for
this time period is 5.8335%.
Thus the calculations for interest for these 41 days is as follows:
.22652 x (.058335 ÷ 2) x $74,347= $491.21
Interest from
7/1/99 to 12/31/99
The annual interest rate applicable to this six-month period is 6.067%.
The calculations are as follows:
(.06067 ÷ 2) x $74,347= $2,255.32.
Interest from
1/1/00 to 5/21/00
Since interest is compounded annually, the interest to the one-year
anniversary of the judgment needs to be calculated. There are 140 days from
January 1 until May 21, so of the 181 days in this six-month period, this
represents .77348 of the six months. The interest rate for this period is
6.7563%, and so the calculations are as follows:
.77348 x (.067563 ÷
2) x $74,347 = $1,942.64.
Compounding
interest for the first year
The above interest amounts are then added to the judgment.
$74,347 + 491.21 +
2,255.32 + 1,942.64 = $79,036.17
Interest from
5/21/00 to 6/30/00
This calculation is the same as for the corresponding time period in the
prior year, as shown above, except the interest rate for this time period is
used (6.7563%) and the judgment with the first year’s interest is used.
.22652 x (.067563 ÷
2) x $79,036.17 = $604.80
Interest from
7/1/00 to 12/31/00
This calculation is again the same as the corresponding time above,
except using the new interest rate and the judgment with the first year’s
interest compounded.
(.07473 ÷ 2) x
$79,036.17 = $2,953.19
Interest from
1/1/01 to 5/21/01
.77348 x (.06965 ÷ 2)
x $79,036.17 = $2,128.95
Compounding of
interest for second year
$79,036.17 + 604.80 +
2,953.19 + 2,128.95 = $84,723.11
Interest from
5/21/01 to 6/30/01
.22652 x (.06965 ÷ 2)
x $84,723.11 = $668.34
Interest from
7/1/01 to 12/31/01
(.05782 ÷ 2) x
$84,723.11 = $2,449.35
Judgment plus
interest through 12/30/01
$84,723.11 + $688.34 +
$2,449.35 = $87,860.80
The amount due through
12/30/01 is $87,860.80
