statutory interest rates

Statutory interest rates are the legally set percentages used to calculate interest on unpaid debts or financial obligations, often specified by law or regulation. These rates apply in cases like late payments, judgments, or loans when parties haven't agreed on a specific interest rate. They serve to ensure a fair and consistent way to compensate lenders or creditors for the delay in payment. The rates can vary depending on jurisdiction and legal context but are designed to reflect current economic conditions. In essence, statutory interest rates provide a standardized method to determine interest in legal and financial matters.