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F - E * E D E R A L R s t a t i s t i c a l ; - E S E R V E r e l e a s e , For immediate r e l e a s e J u l y 2 3 V 1973 INTEREST RATES CHARGED ON SELECTED TYPES -OF BANK LOANS Type of Loart ^ I n t e r e s t r a t e ( p e r c e n t p e r annum) January' May June .1972 1973 1973. Small^short-term noninstalment l o a n s t o b u s i n e s s e s 1/ . F%rm 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 Other farm p r o d u c t i o n • o p e r a t i n g expenses Consumer i n s t a 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 m o n t h s ) M o b i l e homes (84 m o n t h s ) ^ O t . h e r consumer goods (24, m o n t h s ) Other p e r s o n a l e x p e n d i t u r e s . (12 months-) , C r e d i t card plans 7 : * ' v 8 .10 8 .19 ~: , 8 . 1 3 8 .20 ' i , 7.55 j ! 7. 63 10,.05 10 .84 10.26 10.94 12.57 12,.74 1/^11 '.06 ; . 8 .13 v 10 . 0 8 10 .57 12,.48 12 .57 12 ,.78 17,.22 12 .78 17 .24 N o t e : The, i n t e r e s t r a t e s . s h o w n 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 j o i n t l y by t h e F e d e r a l R e s e r v e S y s t e m and t h e F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n of 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 e a c h month by a s a m p l e of 370 i n s u r e d c o m m e r c i a l b a n k s . They 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 r e p o r t e d by r e s p o n d e n t s i n e a c h l o a n c a t e g o r y . The " m o s t 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 . v o l u m e 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 o 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 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 R e s e r v e B o a r d ' s R e g u l a t i o n Z. }./' Loans of , $ 1 0 , 0 0 0 t o $ 2 5 , 0 0 0 m a t u r i n g i n ' o n e y e a r or l e s s .
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