Statutory Interest Calculator
Calculate statutory (legal) interest on unpaid debts, court judgments, and late payments using government-mandated rates for EU, UK, and US jurisdictions.
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Applications
Used by legal professionals, debt collection agencies, and small businesses to calculate late-payment interest on invoices, court judgment amounts, child support arrears, tax penalties, and commercial contract disputes across EU, UK, and US jurisdictions.
The Formula
Simple interest: I = P × r × t, where P is principal, r is the annual rate, and t is time in years. Compound interest: A = P × (1 + r/n)^(n×t), where n is the compounding frequency (monthly or daily). EU statutory rate = ECB main refinancing rate + 8 percentage points (Late Payment Directive 2011/7/EU). UK rate under Judgments Act 1838/1991 is 8% per annum. US federal post-judgment rate is weekly 1-year Treasury yield plus 2 percentage points (28 U.S.C. § 1961).
Fun Fact: The ancient Babylonian Code of Hammurabi (circa 1754 BC) is one of the earliest known laws to set statutory interest rates, capping silver loans at 20% per year and grain loans at 33¼% to protect farmers from predatory lending — a remarkably modern consumer protection concept.
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