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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 45624
Experience:  Attorney with 29 years of experience.
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I have a Michigan money judgment for $24,975.47, entered on

Customer Question

I have a Michigan money judgment for $24,975.47, entered on 1/16/13.
This amount does not include interest, fees, etc.

NEED HELP IN CALCULATING INTEREST. I am math dyslexic and cannot figure out how to do the calculation. I need someone to tell me the "accrued amount" and how to do the calculation if I need to do it myself in the future. Explain it as if I am of middle school age.
The remaining balance is $15,975.47.
1.687% compounded, calculated at 6 month intervals.
Accrued interest: ???

Thank you for your help.
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good evening. Ok...here's how to calculate this....1.687%/annum interest is .8435% per six months. You get this by dividing the 1.687% by 2 because 6 months is 1/2 of a year. Then, you multiply that times the amount owed ($15,975.47) to get the amount of interest for the first six months. $15,975 times .8435% = $134.75 in interest. Add that to the $15,975 = $16,109.75. Then, if nothing is paid, for the next 6 months you multiply the .8435% times the new balance of $16,109.75.



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Customer: replied 1 year ago.

Thank you for the answer. I do need some clarification though:


 


1. what does compounded mean?


2. where does it say "annual"? I'm so confused.


3. the wording of the law: "calculated at 6-month intervals from the date of filing the complaint at a rate of interest equal to 1% plus the average interest rate paid... (1.687%)


4. Are you 100% sure of the total? I'm going to use it to file a sister-state money judgment.

Expert:  Richard replied 1 year ago.
You're welcome

1. Compounded means that you add the interest accrued onto the principal and interest is then calculated not just on the prior principal but also the interest.

2. Typically if an interest rate is not delineated as something other than an annual rate, an annual rate is presumed.

3. If the rate is supposed to be 1% plus 1.687%, then the annual rate charged would be 2.687% and you would multiply 1.3435% times the principal amount owed.

4. Yes, unless the interest rate is 2.687% rather than 1.687% in which case you would have to do the calculation based on the higher rate.
Richard, Attorney
Category: Legal
Satisfied Customers: 45624
Experience: Attorney with 29 years of experience.
Richard and 11 other Legal Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Expert:  Richard replied 1 year ago.
Thank you also for the generous bonus! I appreciate your kindness!

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