Interest Calculator

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.

Input Fields:-

  • Rate type: choose from Pre judgement orderPost 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: 
    • Fixed, and
    • Variable.

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,
    • 01-01-2018,
    • 1-Jan-2018, or
    • 01/01/2018.
  • 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.