Full text of E.12 Finance Rates on Selected Consumer Installment Loans at Reporting Commercial Banks : July 20, 1976

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For i m m e d i a t e r e l e a s e
J u l y 2 0 , 1976

I

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)
June
May
June
1975
1976
1976
Small s h o r t - t e r m n o n i n s t a i l m e n t
loans to b u s i n e s s e s \ j
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

9.32

r 8.84

*

8.78

' ,
9.21

8.83
.:
9.04

3-82

r 11.00
11.61
12.96
- *r U3.27

11.02
11.82
12:99
13.32

9.21

Consigner i n s t a l l m e n t c r e d i t f o r :
New a u t o m o b i l e s (36 mo.)
11.26
Mobile homes (84 mo.)
12.02
O t h e r consumer goods (24 mo) 13.10
Other p e r s o n a l e x p e n d i t u r e s 13.40
(12 mo.)
Credit card plans
,17.10

'

17.02

9.07

-

17.04

A j Loans of $10,000 t o $25,00.0 m a t u r i n g i n one y e a r o r l e s s .
r
revised
NOTE1: 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 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 Reserve System. I n t h e June(May) survey
249 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 i l m e n t
l o a n s t o b u s i n e s s e s ; 39. 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 h e i r r a t e s on o-ther f a r m 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 ; 242 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 ;
61 r e p o r t e d t h e i r r a t e s on m o b i l e homes; 202 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 goods; 2,41 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 ; 161 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 unweighted 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 e a c h 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 as
t h e r a t e c h a r g e d on the 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 , b a s i s as
s p e c i f i e d i n t h e F e d e r a l Reserve B o a r d ' s R e g u l a t i o n Z.
The sample f o r June c o n t a i n e d 260 member b a n k s . ' »




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