DH says,
453.58 times 10% per year equals $45.36 annually or $3.78 dollars per month from Sept to May is 9 months or $34.02 interest

Thank You!

I figured it that way too but I suck at math and didn't know if I was right or not.

Kiss your DH for me Please :)

Your welcome, I kissed him twice! hehe
I suck at math also

If you have quicken, you can go to the program to amoritize the loan out.

Is the interest starting in Sept or Oct... you may only need to count 8 months....

Not sure I agree. Unfortunately we're really missing some critical information such as if or when it compounds or are you just talking simple interest? That'll make a difference. Don't know start and end dates and don't know due dates and other terms or if there's any other charges involved - presumably not. Also the way it sounds there's no payments made, so from the simplest standpoint it could accumulate as follows:
Loan originates on 9/22/9 with monthly payments.
9/22/9: 10% divided by 12 months = 0.83333333333333% per month. First payment would be due the following month and interest would accrue then, not in September.
10/22/9: 453.58 x 0.83333333333333% = 3.78 (plus prior balance = 457.36)
11/22/9: 457.36 x 0.83333333333333% = 3.81 (461.17)
12/22/9: 461.17 x 0.83333333333333% = 3.84 (465.01)
1/22/10: 465.01 x 0.83333333333333% = 3.88 (468.89)
2/22/10: 468.89 x 0.83333333333333% = 3.91 (472.80)
3/22/10: 472.80 x 0.83333333333333% = 3.94 (476.74)
4/22/10: 476.74 x 0.83333333333333% = 3.97 (480.71)
5/22/10: 480.71 x 0.83333333333333% = 4.01 (484.72)
From this, 484.72 would be the end balance with accumulated interest. Subtract the starting amount of 457.36 would equal $31.14 in interest and totaling the monthly interest double checks at $31.14.

You put it as a "bill" so if the first due date was September 22, 2009, then it might shift things back a month and add another $4.04 to the interest equaling $35.19 in interest unless there's a credit for paying 2 days early, which I'd assume isn't the case. And if it's not paid on time, it could add another interest charge too, but I'm assuming that's also not the case.

So, with the limited info, that's the best I can guess.

It is a civil judgement. I am sending a demand letter to the defendant to demand payment before I issue a Writ.

From Sept 22, 2009 to May 20, 2010:

_2010 5 20 OR__2009__16__51
-(2009 9 22)___-(2009___9__22)
-------------- ---------------
_____7 29_________0___7__29

In the calculation above, the month of May is borrowed and added to the day column. May has 31 days, thus the day amount becomes 20 + 31 or 51 days.

There is now 4 months in the month top row. Borrowing a year adds 12 months or 16 months. Simple substraction results in:

7 mo and 29 da which rounds up to 8 months.

If you use simple interest with one year as the period, you could calculate that the interest is 8/12 of one year's interest or 2/3 of the yearly interest.

If you compound monthly (12 periods per year), the calculation is more tedious but doable. There are ways to derive a formula, but let's keep it simple and for this short time, do monthly calculations.

For one month, the interest is 1/12 of the yearly interest. Add that amount to the principal. For the next month, use the new principle and again figure the interest as 1/12 of the yearly interest. Continue until you arrive at the end.

I would probably assume it's simple interest, unless otherwise noted. Therefore, I wouldn't charge interest on interest.

The judgement doesn't list an amount? Only an interest rate? Can you call them and ask how they want you to calculate it? Also, you may have to give the 2 days credit for May depnding on how it is written...if it's rental or something, the whole month will count even if you just use one day, but for other things you may have to prorate it.

I'd send him a bill for $600 and tell him the penalty is interest and for being a cheap glassbowl, no pun intended, Magic!

Just kidding, but it's tempting, right?

Good luck getting your money, I hope it happens.

Thanks everyone.

It just says 10 percent per annum until paid.

I will prorate by days.

And yes, he is a glassbowl. What cracks me up is that these guys think if they just ignore me, they won't have to pay. I guess they never heard of a writ if execution where the Sheriff actually goes to their place of business (this is another small business in town) and starts confiscating their equipment, furniture, phones, computers etc to sell to satisfy the judgement.
I have had to do this before and the sheriff adds a minumum $150 in fees and costs to the bill.They end up paying twice what they would have if they just payed me in the first place.

Morons.

Although it's of course subject to the various states but here, the Court would set how the interest is calculated. And of course each state has different usury laws too. 10% is kind of low compared to many states but presumably that's your usury limit.

Here, you'd sue for the amount and the interest, normally 1 1/3% to 1.5% per month on unpaid balance up to filing suit and the interest would compound. (Actually, it's normally called a "finance charge" to avoid some of the hassles with the term "interest" but as I said that all varies state to state.) After that, you'd have to ask the Court for additional interest that they don't always grant depending on circumstances.

Good luck in your collection.