Rate remains in effect until prime loan rate changes

Nashville – The maximum effective formula rate of interest in Tennessee has been set 11.85 percent per annum.

The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.85 percent as published by the Federal Reserve on March 27. Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes.

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