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F E D E R A L i f l i i l ? - Lit JUL F£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 tsib . OF RICHMOND ^4K . G.10. For immediate r e l e a s e J u l y 2 3 , 1975 INTEREST RATES CHARGED'ON SELECTED TYPES OF BANK LOANS Type of Loan <- 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 1 1972 1975 ' 1975. a Small s h o r t - t e r m n o n i n s t a 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 o r less maturity) Feeder c a t t l e operations Other farm p r o d u c t i o n operating 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 ^ 3 6 months) M o b i l e homes (84 months) O t h e r consumer goods (24 months) Other p e r s o n a l expenditures (12 m o n t h s ) Credit card plans ' . V 7.31 9.56 9.32 7.55 •, 9.35. 9.21 7.93 9.44 9.21 10.26 10.94 12.57 .11.39 11.57 13.11 11.26 12.02 13.1(5 12.74 17.11 J 13.41 17.21 v * Loans of $ 1 0 , 0 0 0 t o $ 2 5 , 0 0 0 m a t u r i n g i n one y e a r o r l e s s . 13.40 17.10 - 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 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 Corporation. I n t h e J u n e s u r v e y , 308 b a n k s 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 m e n t l o a n s ; t o b u s i n e s s e s ; 56 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 s l o a n s ; 70 r e p o r t e d t h e i r r a t e s on o t h e r 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 ; 317 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 ; 64 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; 266 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 ; 317 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 ; 199 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 < _ x ' 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 " m o s t 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 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 (over) - 2 - 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 ja T r u t h i n L e n d i n g 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. B e g i n n i n g w i t h t h e J u n e 1975 S u r v e y , r a t e i s no l o n g e r r e p o r t e d . the small b u s i n e s s prime .
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