The rate is based on a ceiling of 4 percent over the weekly average prime loan rate
Nashville – Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.75 percent per annum.
The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.75 percent as published by the Federal Reserve on February 13. 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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