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 Minnesota

In Minnesota, the lawful maximum interest rate on a payment plan or other consumer credit agreement is 6% per year, as set by Minn. Stat. § 334.01. This statute establishes the state’s general usury ceiling, meaning any interest charged above this rate on a covered loan or payment arrangement is prohibited unless a specific statutory exception applies. The rule applies to the total interest charged over the life of the payment plan, not simply the periodic payment amount. The worked example below demonstrates how this 6% rate is applied to a simple payment plan balance. For a precise estimate of interest owed under your specific agreement, use the calculator linked to the official source.

Governing authority

In Minnesota, the payment plan math rule is set by Minn. Stat. § 334.01. The verified packet cites Minn. Stat. § 334.01 (https://www.revisor.mn.gov/statutes/cite/334.01).

Minnesota payment plan math: the verified value is 6% under Minn. Stat. § 334.01. The verified packet cites Minn. Stat. § 334.01 (https://www.revisor.mn.gov/statutes/cite/334.01).

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.