N.Y. General Obligations Law Section 5-1301
How interest calculated

Whenever, in any statute, act, deed, written or verbal contract, or in any public or private instrument whatever, any certain rate of interest is or shall be mentioned, and no period of time is stated for which such rate is to be calculated, interest shall be calculated at the rate mentioned, by the year, in the same manner as if the words “per annum” or “by the year” had been added to such rate.

Source: Section 5-1301 — How interest calculated, https://www.­nysenate.­gov/legislation/laws/GOB/5-1301 (updated Sep. 22, 2014; accessed May 4, 2024).

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Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 5-1301’s source at nysenate​.gov

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