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OVCOV,- FEDERAL statistical G.10 RESERVE release For immediate r e l e a s e May 31, 1978 INTEREST RATES ON SELECTED CONSUMER INSTALMENT LOANS AT REPORTING COMMERCIAL BANKS I n t e r e s t R a t e ( P e r c e n t per annum) April March April 1977 1978 1978 D i r e c t Consumer Loans New a u t o m o b i l e s (36 months) 10.82 10.82 10.87 Mobile homes (84 months) 11.73 11.82 11.94 O t h e r consumer goods (24 months) 12.92 12.96 13.00 Other personal expenditures (12 months) 13.41 13.43 13.55 C r e d i t card plans 16.91 17.01 17.02 NOTE: The i n t e r e s t r a t e s shown in t h i s r e l e a s e a r e based on a survey cond u c t e d by t h e F e d e r a l R e s e r v e System, w i t h 242 banks r e s p o n d i n g t o t h e s u r v e y i n A p r i l . Banks r e p o r t i n g i n each c a t e g o r y numbered: new a u t o m o b i l e s , 238; mobile homes, 68; o t h e r consumer goods, 194; o t h e r p e r s o n a l e x p e n d i t u r e s , 236; c r e d i t c a r d p l a n s , 165. A l l r a t e s shown r e p r e s e n t s i m p l e unweighted a v e r a g e s of each b a n k ' s "most common" r a t e charged d u r i n g t h e f i r s t f u l l c a l e n d a r week of t h e month i n each l o a n c a t e g o r y . The "most common" r a t e i s d e f i n e d a s the r a t e charged on t h e l a r g e s t d o l l a r volume of l o a n s i n t h e p a r t i c u l a r c a t e g o r y d u r i n g t h e s u r v e y week. R a t e s r e p o r t e d a r e " a n n u a l p e r c e n t a g e r a t e s " as s p e c i f i e d by R e g u l a t i o n Z ( T r u t h - i n - L e n d i n g ) .
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