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Florida Pre-Judgment Interest Formula:
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Florida pre-judgment interest is interest that accrues on a monetary judgment from the date the cause of action accrued until the date of the final judgment. It compensates the prevailing party for the loss of use of money during the litigation period.
The calculator uses the Florida pre-judgment interest formula:
Where:
Explanation: This formula calculates simple interest based on the principal amount, annual rate, and the specific number of days the interest accrues.
Details: Accurate pre-judgment interest calculation is crucial for fair compensation in legal disputes, ensuring the prevailing party is made whole for the time value of money during the litigation process.
Tips: Enter the principal amount in dollars, the annual interest rate as a decimal (e.g., 0.05 for 5%), and the number of days interest should accrue. All values must be positive numbers.
Q1: What is the legal basis for pre-judgment interest in Florida?
A: Florida Statute § 55.03 governs pre-judgment interest in civil cases, allowing interest to accrue from the date the payment was due.
Q2: How is the interest rate determined?
A: The rate is set by Florida Statute § 55.03 and is adjusted annually. Check the current statutory rate for accurate calculations.
Q3: Are there any exceptions to pre-judgment interest?
A: Yes, certain types of claims may be exempt, and courts have discretion in some cases. Consult with a legal professional for specific advice.
Q4: Does this calculator account for compounding interest?
A: No, this calculator uses simple interest calculation as typically applied in Florida pre-judgment interest determinations.
Q5: Is this calculation applicable to all types of cases?
A: While applicable to many civil cases, specific case types may have different rules. Always verify with current Florida statutes and case law.