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 Tennessee

Tennessee law caps the maximum interest rate on payment plans at 10% per year under Tenn. Code Ann. § 47-14-103. This means any installment agreement for a debt or service cannot legally charge more than that annual percentage rate on the unpaid balance. The statute sets out the permissible rate for contracts where no other agreed rate is specified, and it provides exceptions for certain types of loans or transactions. The exact application depends on the agreement’s terms and whether a different rate was properly established. The official source at Justia contains the full statutory language, including any exceptions and calculation details. The worked example below demonstrates how the 10% cap applies to a typical payment plan balance. Use the DocketMath calculator to estimate your own allowable interest under this rule.

Governing authority

In Tennessee, the payment plan math rule is set by Tenn. Code Ann. § 47-14-103. The verified packet cites Tenn. Code Ann. § 47-14-103 (http://law.justia.com/codes/tennessee/2010/title-47/chapter-14/part-1/47-14-103/).

Tennessee payment plan math: the verified value is 10% under Tenn. Code Ann. § 47-14-103. The verified packet cites Tenn. Code Ann. § 47-14-103 (http://law.justia.com/codes/tennessee/2010/title-47/chapter-14/part-1/47-14-103/).

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.