I am following a New Mexico statute that provides "interest shall accrue on delinquent child support at the rate of 4% and shall accrue when the support payment is delinquent until the date the support is paid.
How is that calculated? Say you have 6 months of back child support at 100 a month for 600. Do you do a simple 4% on the 600?
How - is it per annum and how is that done? Pls help.
I am reading orders that add up the arrears, say 600 in this example, then put 4% interest on that and make a judgment for that amount with interest accruing at 4% and then also do another judgment for the interest off the 600 at 4% and say it doesn't bear interest.
How is that calculated? Say you have 6 months of back child support at 100 a month for 600. Do you do a simple 4% on the 600?
How - is it per annum and how is that done? Pls help.
I am reading orders that add up the arrears, say 600 in this example, then put 4% interest on that and make a judgment for that amount with interest accruing at 4% and then also do another judgment for the interest off the 600 at 4% and say it doesn't bear interest.
