The Interest Rate Calculator is to be used to work out pre-judgment and post-judgment interest rates. It identifies input fields and output fields. Input fields are brown, and their content determine the output. Output fields are blue and are locked from data entry.
- Rate type: choose from Pre judgement order, Post judgement order or Specific Rate;
- Jurisdiction: choose Supreme Court or Magistrate Court;
- Interest Rate (p.a. %), fixed or variable: Interest rate is applied when the Specific Rate is selected as the rate type. There are two options:
If Fixed is selected, enter in the rate in the brown box adjacent to the Fixed selection; where Variable is selected, the rate must be provided for each row in the Variable Interest Rate (%) column.
- The Commencement Date is used as the start date for calculating interest applicable to the Principle Amount. Date formats that can be used include the following:
- 1 Jan 2018,
- 1 January 2018,
- 1-Jan-2018, or
- Principle Amount: is the amount that will be used to calculate interest
- Payment Date: This is the date that the payment is being made. If there is a split in the interest rates between this period, the Payment Date should reflect the dates that the rates change.
- Payment Amount ($): This is the amount of the payment made on (or proposed) for the Payment Date.
- Variable Interest Rate (%): The Variable Interest Rate filed must be populated where the Specific Rate and Variable Rate are selected. A percentage to two decimal points may be entered.
In the event incorrect information is entered, you may simply exit the file and re-open the Excel spreadsheet.