Society of Maritime Arbitrators
Resolving Maritime Disputes For Over 50 Years

As is widely known, arbitrators in New York will award interest to the prevailing party based on the Commercial Prime Rate that banks commonly charge their business customers. These rates change at the whim of the Federal Reserve Board. Since it often takes years before arbitration matters are brought to a final conclusion, it is probable that the prime rate has changed more than once over the course of the time taken to adjudicate the disputes.

As a service to our friends and Members we are pleased to provide, herein, a quick and accurate method for calculating interest at the prime lending rate as published by the Federal Reserve Bank.

By clicking the link below one can navigate to a web page which can be used to calculate simple interest accumulated on a known principal over a period between two known dates.

Click here to bypass the instructions and go directly to the INTEREST CALCULATOR.

Use the drop-down menus to select a starting Month, Day and Year of the claim. Enter the awarded amount into the Claim Value box, avoiding dollar signs ($) and commas when entering the claim amount. Use the next set of drop-down menus to select the ending Month, Day and Year. Click on the ' Calculate Interest ' button to see interest owed over each interest change period and a running total of all interest owed.

Our database reflects the last change in interest rates took effect on December 14, 2017 at 4.5%. We will make every effort to keep our database current, but if you know that there has been a subsequent change by the Fed, it is likely that we have not yet made the appropriate update to our database and we would appreciate a reminder.

If you have problems utilizing this service, or wish to offer comment, please send an email to our Technical Committee. Of course, the user of this web form assumes full responsibility for the results. The SMA cannot and will not be responsible for the consequences resulting from the use of this calculation device.

Click here to access the INTEREST CALCULATOR.

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