Interest Calculator

Arbitrators in New York, in most cases, award interest to the prevailing party based on the Commercial Prime Rate that banks commonly charge their business customers. These rates change based on announcements of the Federal Reserve Board. Depending on the length of time that has passed before the issuance of a final award in arbitration, the prime rate may have changed between the date of the claim and the issuance of the award.

As a service to our friends and Members we are pleased to provide, herein, a quick and accurate method for calculating interest at the Commercial Prime Rate.

By clicking on the link below you can navigate to a web page to calculate simple interest accumulated on a known principal amount over a period between two known dates.

Click here to bypass the instructions and go directly to the INTEREST CALCULATOR.

Use the drop-down menus to select a starting Month, Day, and Year of the claim. Enter the awarded amount into the Claim Value box, avoiding dollar signs ($) and commas when entering the amount. Use the next set of drop-down boxes to select the ending Month, Day, and Year. Click on the Calculate Interest for Screen button to see interest owed over each interest change period and a running total of all interest owed. Click on the Calculate Interest for Print button to see the same information in a more easily printable format.

Although the database is organized to reflect the most recent change in the commercial prime rate, please review recent rate activity to ensure the calculator has captured the most recent rate change. If you find the calculator is not updated with the latest interest rate change then please contact pleahy@smany.org, and the SMA will update it.

If you have problems using this service or wish to comment, please e-mail our Technical Committee. The user of this Interest calculator should make their own check of the results. The SMA is not responsible for the consequence of any inaccuracy resulting from the use of this calculation device.

Click here to access the INTEREST CALCULATOR.