Industrial National Bank of Rhode Island v. Stuard

This is an action on a promissory note executed' by Charles F., Harriet M., Marie G. and Gregory R. Stuard (Stuards) to the Industrial National Bank of Rhode Island (Industrial) on December 17, 1970, in the amount of $3,600, payable over a period of 36 months in monthly installments of $100 due on the 17th day of each month. The Stuards received actual cash in the- amount, of $2,881.14, and the balance of $718.86 represented Industrial’s finance charge -of 15.09 percent per annum for the full three-year term -of the note. The Stuards made six payments of $100 each from February 4,1971 through…