R.I. Gen. Laws § 19-14.1-2: Maximum rate of interest.

(a) Every lender may lend or loan broker may negotiate the lending of any sum of money and may charge, contract for, and receive points, fees, charges, and interest on the unpaid balance of the loan at a rate not to exceed that provided in § 6-26-2, or as otherwise permitted under applicable federal law or regulation.

(b) Rebates of finance charges on precomputed loans, made for an original term of sixty (60) months or less, may be calculated on the method commonly referred to as the rule of 78 or sum of the digits. Rebates of finance charges on precomputed loans, made for an original term greater than sixty (60) months, must be calculated on the simple interest method.