Full text of E.12 Finance Rates on Selected Consumer Installment Loans at Reporting Commercial Banks : August 22, 1975

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F E D

E R X L

R E S E R V E

s t a t i s t i c a l

r e l e a s e

For immediate r e l e a s e
August,22, 1975

. i

INTEREST RATES CHARGED ON SELECTED TYPES OF BANK LOANS
Type of Loan

'

*

I n t e r e s t r a t e (per cent per annum)
January
June
July
1.972
' 1975
' 1975

Small s h o r t - t e r m noninstalment
loans to b u s i n e s s e s 1 /

7.31

Farm production loans (one year or
l e s s maturity)
Feeder c a t t l e o p e r a t i o n s
Other farm production
o p e r a t i n g expenses

7.55

9.21

7.63

9.21

10.26
10.94
12.57

11.26
12.02
13.10

12.74
17.11

13.40
17.10

Consumer i n s t a l m e n t c r e d i t f o r
New automobiles (36 months)
. Mobile homes (84 months)
Other consumer goods (24 months)
Other p e r s o n a l expenditures
(12 months)
,
Credit card p l a n s
1/

9.10

9.32

Loans of $10,000 to $25,000 maturing i n one year or l e s s . "

9.02
:

„

9.25,

\

11.30
11.94
13.13

;

13.49
17.15
•

NOTE: The i n t e r e s t r a t e s shown on t h i s r e l e a s e ar6 based on a survey conducted
j o i n t l y by the Federal Reserve System and the Federal Deposit Insurance
Corporation. In the June survey, 311 banks r e p o r t e d t h e i r r a t e s on
small s h o r t - t e r m npninstalment loans to b u s i n e s s e s ; 57 reported t h e i r
r a t e s on f e e d e r c a t t l e o p e r a t i o n s l o a n s ; 71 r e p o r t e d t h e i r r a t e s on o t h e r
farm production o p e r a t i n g e x p e n d s l o a n s ; 316 r e p o r t e d t h e i r r a t e s on
new automobiles; 68 reported t h e i r r a t e s on mobile homes; 261 reported
t h e i r r a t e s on other^consumer goods; 318 reported t h e i r r a t e s on o t h e r
personal e x p e n d i t u r e s ; 194 r e p o r t e d t h e i r r a t e s on c r e d i t czprd p l a n s .
A l l r a t e s represents simple unweighted averages of the "most common"
e f f e c t i v e annual r a t e on loans made during t h e f i r s t f u l l calendar week
of t h e month i n each loan c a t e g o r y . The "post common" r a t e i s d e f i n e d
as the r a t e charged on the l a r g e s t d o l l a r volume of loans i n the
p a r t i c u l a r category during t h e week covered i n the survey. . Consumer
i n s t a l m e n t loan r a t e s are r e p o r t e d on a Truth i n Lending b a s i s as
s p e c i f i e d i n the Federal Reserve Board's Regulation Z.
Beginning with the June 1975 Survey, the small b u s i n e s s prime r a t e
i s no longer r e p o r t e d .