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Yes, I have a valid lease. I just want to know how to calculate the interest correctly. A bank I check with said interest on a savings account, for example, is done monthly. Someone else told me to calculate the interest yearly.
I understand why you are asking me the questions. I also understand that over 13 years from 2000 to 2013 interest rates have changed. According to NJ Security Deposit law, since my landlord has not provided me with my security deposit information over the years and therefore I could not give this to my tax accountant for declare the interest as income to pay my federal tax on it, I am entitled to sue my landlord for 7% over the 13 years. I can also use my security deposit toward paying my July rent because of his negligence in this area. I just need to know how to correctly calculate the interest for a 2.5 % interest rate and a 7% interest rate in case I need to take him to small claims court. Thank you.