The North Dakota State Court Administrator has set the judgment interest rate for 2016 at 6.50 percent.
The administrator is required by law to annually determine the judgment interest rate prior to Dec. 20. The rate will be applied to all judgments entered in 2016.
The judgment interest rate is calculated by using the prime rate as reported on the first Monday in December, plus three percentage points. The result must be rounded up to the next one-half percentage point.
The prime rate on Dec. 7 was 3.25 percent. Application of the judgment rate formula yielded the 2016 judgment interest rate of 6.50 percent.
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December 7, 2015