DOWNLOAD this Rhode Island Promissory Note Form representing an agreemnet between two parties in Rhode Island for the lending of money. The form allows, within the parameters of Rhode Island law, for the parties to choose the interest rate that will be charged for the funds lent. It also allows the makers to agree on a method of repayment, whether it be by regular installments or in a lump sum. It also allows the makers to agree whetheror not the loan will be secured by collateral.
The maximum amount of interest allowed to be charged in Rhode Island is the greater of 21% per year or the rate per annum that is equal to nine percentage points (9%) plus an index that is the domestic prime rate as published in the Money Rates section of The Wall Street Journal on the last business day of each month. RI ST § 6-26-2