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FEDERAL RESERVE statistical release Xcx • ?*AL '* G. 10 For immediate r e l e a s e January 3, 1978 INTEREST RATES ON SELECTED CONSUMER INSTALMENT LOANS AT REPORTING COMMERCIAL BANKS I n t e r e s t Rate (Per cent per annum) November October November 1976 1977 1977 D i r e c t Consumer Loans New automobiles (36 months) 11.02 10.83 10.86 Mobile homes (84 months) 11.77 11.84 11.91 Other consumer goods (24 months) 13.06 13.05 13.06 Other p e r s o n a l e x p e n d i t u r e s (12 months) 13.40 13.50 13.57 C r e d i t card plans 17.04 16.89 16.92 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 conducted by the F e d e r a l Reserve System, w i t h 244 banks responding to the survey in November. 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, 62; 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 card p l a n s , 165. A l l r a t e s shown r e p r e s e n t simple unweighted a v e r a g e s of each bank's "most common" r a t e charged d u r i n g the f i r s t f u l l c a l e n d a r week of the month in each loan c a t e g o r y . The "most 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 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 the survey week. Rates r e p o r t e d a r e "annual 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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