Legal Question in Real Estate Law in California
legal interest
we were awarded legal interest by the Superior court on funds. we must give an accounting of our ''cash out of pocket.'' How do you figure the legal interest over a 3 1/2 year period. simple at 10%? compounded? how compounded
Asked on 3/18/06, 12:12 am
1 Answer from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Re: legal interest
Simple interest, without compounding, is a simple multiplication problem. Let's say the principal amout is $100, the interest rate is 10%, and the period is 3.5 years.
$100 x 0.10 x 3.5 = $35.
Much easier than dealing with compound interest!
Answered on 3/18/06, 1:10 am
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