SMALL CLAIMS (PRLG 736) 1. You represent Nathanial Petrovic, the plaintiff in an action for recovery of $5,000 he loaned to the defendant, Jonathan Brown. There is no written agreement as to the terms of the loan; however, the plaintiff has a written receipt signed by the defendant acknowledging receipt of the money and stating that the full amount will be repaid on or before February 1, 2016. The defendant failed to pay the full amount on or before February 1, 2016. Mr. Petrovic made several demands by phone and email but has received no payment whatsoever on account of the amount owing. The claim was filed and issued in the London Small Claims Court on April 2, 2016. On April 4, 2016, attempt was made to serve the claim personally on the defendant at his current place of residence in Toronto, Ontario. Service could not be effected because he was not there, so the claim was served by leaving a copy in a sealed envelope addressed to the defendant with a person at the defendant's place of residence who appeared to be an adult member of the same household, and on the same day mailing another copy of the document to the defendant at the defendant's place of residence. Note: A table of days is needed to solve this problem (Use your book) a) What is the amount owing? (1) $5000 b) What is the deadline for filing a defence? (1) April 24, 2016. c) Mr. Brown is noted in default on May 4, 2016. What is the time period for pre-judgment interest? (Hint: pp. 207-213) (3) Date Number End Date - Date of Judgment May 4.2016 124 Minus: Start Date - Date of Default April 2,2016 92 32 d) What is the pre-judgment interest rate? (4 Critical date: Day action was commenced? April 2, 2016 Quarter action was commenced? Second Quarter of 2016. Pre-judgment interest rate for 1" quarter. 2016? 0.8% Convert the interest rate to a decimal: 0.8/100= 0.008 e) Calculate the total pre-judgment interest. What is the formula?(6) I = PXRxT/365 I = 5000x0.008x32/365= 3.51 Calculate the total post judgment interest. Theanother copy cument to idant defendant's place of residence. Note: A table of days is needed to solve this problem (Use your book) a) What is the amount owing? (1) $5000 b) What is the deadline for filing a defence? (1) April 24, 2016. c) Mr. Brown is noted in default on May 4, 2016. What is the time period for pre-judgment interest? (Hint: pp. 207-213) (3) Date Number End Date - Date of Judgment May 4,2016 1 Minus: Start Date - Date of Default April 2,2016 92 32 d) What is the pre-judgment interest rate? (4) Critical date: Day action was commenced? April 2, 2016 Quarter action was commenced? Second Quarter of 2016. Pre-judgment interest rate for 1" quarter, 2016? 0.8% Convert the interest rate to a decimal: 0.8/100= 0.008 e) Calculate the total pre-judgment interest. What is the formula? (6) I = PxRxT/365 I = 5000x0.008x32/365= 3.51 () Calculate the total post judgment interest. The judgment was on May 4, 2016 and payment was satisfied on July 8, 2016