Interest rates are compensation for the time-value of money, and are calculated on judgments (the amount of money one party to a lawsuit is ordered to pay another party) based on the applicable state or federal statutes. There are often different interest rates set by law for prejudgment interest (the interest on the amount owed before the judgment) and post-judgment interest (the interest on the amount owed after the judgment). The calculation of prejudgment and post-judgment interest rates vary from state to state (and in federal court), and require a careful analysis of the statutes.

In Mississippi, interest rates on judgments are governed by state law. Prejudgment interest, which is the interest accrued from the time the money is owed until a judgment is entered, is not typically awarded unless the claim is for a liquidated amount or the amount can be easily determined by calculation. The rate for prejudgment interest, when applicable, is often left to the discretion of the courts but must be reasonable. Post-judgment interest, on the other hand, is the interest that accrues after a judgment has been entered by the court. In Mississippi, the post-judgment interest rate is set by statute. As of the knowledge cutoff in 2023, the legal rate of interest on judgments in Mississippi is set at an annual rate of 8%, unless a different rate is contracted for in a written agreement. It is important to note that these rates and regulations can change, so it is advisable to consult with an attorney or review the current statutes for the most up-to-date information.