not sure how to do this. Judgement ordered on 5/22/07 for $1200. Payments made: 5/2007 $200, August 2007-$400, Dec. 2007 $200 April 2008 - $200 July 2008 - $100
I am trying to figure out the amount still owed with interest. There is another judgement of $1000 that was entereed in October of 2007 withthe same 12% per annum interest with no payments made.
Debt Collection Attorney
The formula for interest is (Principal)x(Rate of Interest)/365x(Number of days)
You will need to treat each period between payments separately. The first $200 payment was made immediately, so the Principal drops to $1000, the interest rate is .12, and the number of days is 8/1/2007 - 5/22/2007=69 days.
(1000)x(.12/365)x(69) = $22.68
Now do that for the other periods after subtracting the payments first from the interest, then the remainder from the principal.
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