N.Y. General Obligations Law § 5-1301: How interest calculated

§ 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.