1. What is Florida Post-Judgment Interest?

Post-judgment interest in Florida is the interest that accrues on a money judgment from the date of entry until the judgment is paid. Florida law sets the interest rate quarterly, and this calculator helps determine the exact amount owed.

2. How Does the Calculator Work?

The calculator uses the Florida post-judgment interest formula:

Where:

• \( Principal \) — Original judgment amount (USD)
• \( Quarterly\ Rate \) — Current Florida judgment interest rate (%)
• \( Days\ in\ Quarter \) — Typically 90 days (but may vary)
• \( Days \) — Number of days interest has accrued

Explanation: The quarterly rate is converted to a daily rate by dividing by days in the quarter, then multiplied by the principal and number of days.

3. Importance of Accurate Calculation

Details: Accurate interest calculation is crucial for both creditors and debtors to ensure proper payment of judgments and compliance with Florida statutes.

4. Using the Calculator

Tips: Enter the principal judgment amount, current quarterly interest rate (available from Florida statutes), days of accrual, and days in the quarter (typically 90). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Where do I find Florida's current judgment interest rate?
A: The rate is published quarterly by the Florida Chief Financial Officer and can be found on their official website.

Q2: How often does the interest rate change?
A: Florida adjusts its judgment interest rate quarterly (January 1, April 1, July 1, and October 1).

Q3: Are there different rates for different types of judgments?
A: In Florida, the same rate applies to all money judgments unless specified otherwise by statute or contract.

Q4: How is partial payment applied?
A: Payments are typically applied first to accrued interest, then to the principal balance.

Q5: Is this calculator valid for federal judgments in Florida?
A: No, federal judgments use a different rate calculation (based on the federal post-judgment interest rate).