FAQs
Do I have to be a lawyer to use Judgment Interest Calculator?
No, Judgment Interest Calculator (JIC) is fast and easy to use for anyone!
Does JIC work for states other than Michigan?
Not yet. Right now, JIC was created to handle Michigan’s specific and complicated interest rates which change every 6 months.
Which accounting formula do you use to calculate the interest?
We use the future value formula; Fv = P (1 + int)^(days/365); This formula has the interest compounding annually, as required by Michigan MCL 600.6013.
Will I lose the judgments I entered during the free trial when I upgrade to a paid plan?
No, all your judgments will still be there.
How are payments processed?
We use a third party software called, Stripe. They are secured payment site used for online credit and debit card payments.
Is this information safe and secure?
All of the information you supply to the Mokasoft systems will be encrypted to and from our datacenter. Once the information is stored in one of the Mokasoft applications in can only be accessed by the web system and only a select few of our approved technical staff. We have specific in-house policies regarding the confidentiality of information and it’s protection.
Who do we share data with?
We will not share/sell your login information nor judgment information with any company or organization not directly involved in the creation or maintenance of Judgment Interest Calculator and Mokasoft’s other apps.
Can I calculate the interest on an old judgment?
The J.I.C. can accurately calculate the interest for any judgment starting Jan 1st, 1987 or later. The State of Michigan does not provide interest rates earlier than that and the laws for calculating interest are different for judgments prior to 1987.
How often is the interest information updated?
Twice a year, when the State of Michigan releases the interest rate for the following 6-month period. To view the latest interest rates, go to the Interest tab/page within the application.
Do you have other products that could help me?
Yes, we also have a Sentencing Guidelines Calculator which can be used to calculate the Sentence Guidelines in the State of Michigan.
