Security Deposit Interest Calculator For Maryland
Description interest on security deposit maryland
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FAQ
Maryland law requires landlords to refund security deposits of $50 or more to the tenant, plus 1.5 percent simple interest, no more than 45 days after the move out date, unless the landlord is entitled to keep part or all of the deposit amount.
The formula for determining interest paid is: periodic interest rate (coupon rate / number of payments per year) * face value of security.
These include unpaid rent, damages due to breach of lease, physical damage to the rental property in excess of ordinary wear and tear, as well as any other breach of the Maryland lease or rental agreement.
INTEREST ON SECURITY DEPOSIT INTEREST ON SECURITY DEPOSIT. When a tenant signs a lease, they are usually required to provide the landlord with a SECURITY DEPOSIT. THE SECURITY DEPOSIT CALCULATOR. To calculate what you may have earned or have to return we use the simple interest formula: ... $1,000 * .01 = $10.