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. *« Of GOkf/. FEDERAL RESERVE statistical release ' • f*4L R&St. For immediate r e l e a s e December 9 , 1976 INTEREST RATES CHARGED ON SELECTED TYPES OF BANK LOANS I n t e r e s t r a t e ( p e r c e n t p e r annum) October September October I ? 1975 1976 1976 Small s h o r t - t e r m n o n i n s t a l l m e n t l o a n s t o b u s i n e s s e s 1/ Farm p r o d u c t i o n l o a n s (one y e a r or l e s s m a t u r i t y ) Feeder c a t t l e o p e r a t i o n s O t h e r farm p r o d u c t i o n operating Consumer i n s t a l l m e n t c r e d i t if o r : New a u t o m o b i l e s (36 m o . ) Mobile homes (84 m o . ) O t h e r consumer goods (24 mo/f Other personal expenditure#.? W (12 mo.) C r e d i t card p l a n s . 1/ 9.63 9;01 8.97 ' ' ' 9.50 9.45 9.16 * ; 8.79 '• . 9.19 ; 9,01 11.24 12.05 13.00 11.07 11.88 13.08 11*04 11.63 13.03 13.38 17.11 13.40 17.02 13,26 17.05 Loans of $10,000 t o $25,000 m a t u r i n g i n one y e a r o r l e s s . . . r •; _ . • •' NOTE: The i n t e r e s t r a t e s shown i n t h i s r e l e a s e a r e b a s e d on a s u r v e y c o n d u c t e d by t h e F e d e r a l R e s e r v e System. I n t h e O c t o b e r s u r v e y 244 banks r e p o r t e d t h e i r r a t e s on s m a l l s h o r t - t e r m n o n i n s t a l l m e n t l o a n s t o b u s i n e s s e s ; 42 r e p o r t e d 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 l o a n s ; 62 r e p o r t e d t t i e i r r a t e s on o t h e r farm p r o d u c t i o n o p e r a t i n g e x p e n s e s l o a n s ; 245 r e p o r t e d t h e i r r a t e s on new a u t o m o b i l e s ; 65 r e p o r t e d t h e i r r a t e s on m i b i l e homes; 188 r e p o r t e d t h e i r r a t e s on o t h e r consumer g o o d s ; 243 r e p o r t e d t h e i r r a t e s on 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 ; . 160 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 c a r d p l a n s . A l l r a t e s r e p r e s e n t s i m p l e u n w e i g h t e d a v e r a g e s of t h e "most common" e f f e c t i v e a n n u a l r a t e on l o a n s made 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 t h e r a t e c h a r g e d 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 week c o v e r e d i n t h e s u r v e y . Consumer i n s t a l l m e n t l o a n r a t e s a r e r e p o r t e d on a * T r u t h i n L e n d i n g i b a s i s a s s p e c i f i e d i n t h e F e d e r a l R e s e r v e B o a r d ' s R e g u l a t i o n Z. The sample f o r September c o n t a i n e d 261 member b a n k s .
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