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!

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Answered on 3/18/06, 1:10 am

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