The calculation of postjudgment interest is much more complex than it may first appear due to the varying methods of computation from location to location. There is much more to it than just determining whether or not interest is compounded. For example, in Kentucky postjudgment interest is compounded annually on the anniversary of the judgment date while in Oklahoma, postjudgment interest is compounded annually on the first day of January regardless of the judgment date. In to that mix throw the varying interest rates from location to location. In some states, such as California, the interest rate is constant while in other states the rate may be tied to an external source such as the federal shortterm lending rate. In Washington D.C. the rate of interest is actually tied to the interest charged by the Internal Revenue Service for the underpayment of tax! And, in many locations the rate is constantly changing. Federal judgments, for example, change weekly and are based on the average price for U.S. Government 1year Treasury Constant Maturities. But let's not stop now. In Alaska the postjudgment interest rate changes each year but remains constant throughout the life of the judgment while in Michigan the same judgment is computed at a new rate every six months. As you can see, creating a postjudgment interest calculator for all locations in the U.S. and Canada was no easy task, but let's throw yet another complication into the mix.
The layman would assume that the amount of a partial payment is simply deducted from the total of the judgment plus accumulated interest, but that's not the way it works. In reality, with the exception of New Jersey where it is the exact opposite, the amount of any partial payment must be first deducted from accrued interest and any remainder deducted from the remaining principal. In locations where postjudgment interest is compounded and changes throughout the life of the judgment calculating partial payments can become a real nightmare. The National Cyber Services PostJudgment Interest Calculator takes all these variables into consideration and correctly computes postjudgment interest and total judgment value regardless of location! And it does it all for just $49 per year, or less depending on the length of your subscription.
Correctly process up to fifty partial payments.
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