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2016 New York Laws
GOB - General Obligations
Article 5 - CREATION, DEFINITION AND ENFORCEMENT OF CONTRACTUAL OBLIGATIONS
Title 13 - (5-1301 - 5-1311) CONSTRUCTION OF PARTICULAR TERMS IN CONTRACTUAL TRANSACTIONS
5-1301 - How interest calculated.

NY Gen Oblig L § 5-1301 (2016) What's This?
 5-1301. How  interest  calculated.  Whenever,  in  any statute, act,
  deed, written or verbal contract, or in any public or private instrument
  whatever, any certain rate of interest is or shall be mentioned, and  no
  period  of  time  is  stated  for  which  such rate is to be calculated,
  interest shall be calculated at the rate mentioned, by the year, in  the
  same  manner as if the words "per annum" or "by the year" had been added
  to such rate.

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