Post Judgment Interest Calculator With Payments

Interest Calculation Formula:

\[ Interest = (Principal - Payments) \times Rate \times \left(\frac{Days}{365}\right) \]

Principal (initial judgment, CAD):

CAD

Payments (sum paid, CAD):

CAD

Rate (annual rate, decimal):

decimal

Days (days):

days

Interest (accrued interest, CAD):

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1. What is Post Judgment Interest?

Post judgment interest is the interest that accrues on a court judgment amount from the date of judgment until the amount is paid in full. In Alberta, this interest is calculated based on the principal amount remaining after any payments have been applied.

2. How Does the Calculator Work?

The calculator uses the following formula:

\[ Interest = (Principal - Payments) \times Rate \times \left(\frac{Days}{365}\right) \]

Where:

\( Principal \) — Initial judgment amount (CAD)
\( Payments \) — Sum of payments made toward the judgment (CAD)
\( Rate \) — Annual interest rate (decimal form)
\( Days \) — Number of days interest is being calculated for

Explanation: The formula calculates simple interest on the remaining balance after payments, prorated for the exact number of days.

3. Importance of Accurate Interest Calculation

Details: Proper calculation of post judgment interest is crucial for enforcing court judgments, ensuring creditors receive the full amount they're entitled to, and maintaining accurate financial records.

4. Using the Calculator

Tips: Enter the initial judgment amount, any payments made, the annual interest rate (in decimal form), and the number of days since the last payment or judgment date. All values must be non-negative.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for judgments in Alberta?
A: The rate is set by regulations and changes periodically. Check the current rate with the Alberta Courts.

Q2: How are partial payments applied?
A: Payments are typically applied first to accrued interest, then to the principal. This calculator assumes payments reduce the principal directly.

Q3: Does this calculator account for compound interest?
A: No, it calculates simple interest. Alberta typically uses simple interest for post judgment calculations.

Q4: What if multiple payments were made at different times?
A: For multiple payments, you may need to calculate interest for each period between payments separately.

Q5: Is this calculation method specific to Alberta?
A: While the formula is general, the application to judgment interest and typical rates are specific to Alberta law.