This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Payment Plan Math in Kentucky

In Kentucky, the maximum interest rate on a written contract for the payment of money is set by statute at 24% per year. This rate is governed by Ky. Rev. Stat. § 360.010, which establishes the legal ceiling for interest that may be charged when no other rate is agreed upon. The statute applies to payment plans and other written agreements for the repayment of debt, capping the annual interest at the verified figure. The law also provides specific exceptions and factors that may adjust this rate, all of which are detailed in the official source. The worked example below demonstrates how the 24% rate is applied to a payment plan calculation. Use the DocketMath calculator to estimate your own payment plan terms under this statute.

Governing authority

In Kentucky, the payment plan math rule is set by Ky. Rev. Stat. § 360.010. The verified packet cites Ky. Rev. Stat. § 360.010 (https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47989).

Kentucky payment plan math: the verified value is 24% under Ky. Rev. Stat. § 360.010. The verified packet cites Ky. Rev. Stat. § 360.010 (https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47989).

Estimate your own result: every situation has exceptions that can change the outcome. Use the payment plan math calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.