The rate prescribed by the applicable state (or federal)statute to be applied to a determined amount of economic loss is called a penal interest.

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The rate prescribed by the applicable state (or federal) statute to be applied to a determined amount of economic loss is called statutory interest, not penal interest. Penal interest typically refers to an additional interest rate imposed as a penalty for non-payment or late payment of a debt.

The Rate Prescribed by the Applicable State (Or Federal)statute to Be