Section 490-RICR-00-00-4.9 - Terms of LoanA. Unless otherwise deemed advisable in a specific instance by the Water Resources Board, the duration of the loan shall extend over a four (4) year period commencing with the date the loan actually becomes outstanding, and an interest rate of four (4) per cent per annum shall be charged on the outstanding unpaid balance of the loan and such loans are to be amortized to provide for repayment by the applicant to the Water Development Fund according to the following schedule.B. Repayment schedule: 1. On the second anniversary of the loan an amount equal to one-half (1/2) of the principal amount of the loan, plus an interest charge computed at four (4) per cent per annum on the principal amount.2. On the third anniversary, a principal payment equal to one-half (1/2) of the outstanding balance, plus interest at four (4) per cent per annum on the outstanding balance.3. On the fourth anniversary, the final payment of the balance outstanding, plus interest at four (4) per cent per annum on the final payment due.490 R.I. Code R. 490-RICR-00-00-4.9