Full text of E.12 Finance Rates on Selected Consumer Installment Loans at Reporting Commercial Banks : April 16, 1976

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FEDERAL

RESERVE

statistical

!

APR L U

4

r e l e a s e

For immediate release
April 16, 1976

iu 00 lirl 7b.

INTEREST,' RATES 'CHARGED ON SELECTED TYPES OF BANKS LOANS

Type of Loan
Small short-term nonins talment
loans to businesses^/
Farm production loans (one year or
less maturity)
i
Feeder cattle operations
Other farn production
operating expenses
Consumer instalment credit for::
New automobiles (36 months)
Mobile homes (84 months)
Other consumer goods (24 months)
Other personal expenditures
(12 months)
Credit card plans

Interest rate (per cent per annum)
February
March
March
1976
1975
1976

9 .04

8 .98
1

9,92

8,.74

8 .90

9.88

8,.93

10.28
'

x

9 .01

11.46 *
11.66
13.07

11..18
11..77
13., 0,2

11 .13
11,.82
13..02

13.40
17.15

13. 24
17. 14

13.,13
16. 99

~^1 /. Loans of $10,000 to $25,000 maturing in one year or less.
NOTE: The interest rates shown on this release are based on a survey conducted
'by the Federal Reserve System. In the March survey, 247 banks reported their
rates~ on small short-term noninstalment loans to businesses; 46 reported their
rates on feeder cattle operation loans; 63 reported their rates on other farm
production operating expenses loans; 242 reported their rates on new automobiles ; 54 reported their rates on mobile homes; 198 reported their rates on
other consumer goods; 239 reported their rates on other personal expenditures;
162 reported their rates on credit card plans. All rates represent simple
unweighted averages of the "most common" effective annual rate on loans made
during the first full calendar week of the month in each loan category. The
"most common" rate is defined as the rate charged on the largest, dollar volume
of loans in the particular category during the week covered in the survey.
Consumer instalment loan rates are reported on a Truth d n Lending basis as
specified in the Federal Reserve Board's Regulation Z.
The sample for March contained 261 member banks.