Peterson was pulled over in November on state Highway 62 in Edina, Minn. Authorities said they clocked him driving at 109 mph, but he said at the time that he didn't think he was going that fast.
In an agreement reached earlier this month, Peterson pleaded guilty to an amended charge that reduced his speed to 99 mph, allowing him to keep his driving privileges. In Minnesota, a license can be revoked if a driver is going faster than 100 mph.
Peterson's attorney, David Valentini, said Tuesday that Peterson will pay a $300 fine and $78 in surcharges. He also has to complete 16 hours of community service, which he plans to do at Children's hospital.