The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
miiiiim CORRECTED COfY FEDERAL RESERVE statistical release o,:j. , For immediate release June 23, 1975 / G..10 INTEREST RATES CHARGED ON SELECTED TYPES OF BANK LOANS Interest rate (per cent per annum) May • • April January 1975 1975* 1972 •Type of Loan Small short-term noninstalment loans to businesses 1/ 7.31 9.56 9.56 Farm production loans (one year of less maturity) Feeder cattle operations Other, farm production operating expenses 7.55 9.45 9.35 7.63 9.53 9.44 . 10.26 10.94 12.57 11.44 11.78 13.22 12.74 17.11 13.55 17.17 n.a. 5.25 8.26 : • ' I ; Consumer instalment credit for: New automobiles (36 months) '. Mobile homes (84 months) Other consumer goods (24 months) Other personal expenditures . (12 months) Credit card plans Business loans--prime rate To small businesses To large businesses Tj 7.50 11.39 "11.57 13.11 13,41 r; 17.21 ' 8.1-7 •Ji° Loans of $10,000 to $25,000 maturing in one year or less. . ^ the Federal Reserve System and the Federal Deposit Insurance Corporation. In the'April survey, 313 banks reported their rates on small -short-term • s s s s s r s s . • (over) iates represent simple unweighted averages of the "most common" .effective annual irate on loins made during the first full calendar week of the month i ^ e a c h loan category. The "most coc^ion" rate is defined as the rate charged on the largest dollar volume of loans in the particular category during the week covered in the survey. „ Consumer instalment loan rates are reported on a Truth in Lending basis as specified in the Federal Reserve Board's Regulation Z. The prime rate on loans to small businesses, as provided for in the dual prime rate structure established by the.Committee on Interest and Dividends in the interest rate criteria for "commercial banks, issued April 16, 1973, is the best rate charged by a bank to its most credit-worthy local customer§. For the Committee's purposes, a small business is defined as any domestic commercial, industrial, or agricultural borrower whose total borrowings outstandings at any one time over the preceding 12 months' -(exclusive of long-term real estate mortgage debt) did not exceed' $350,000 and whose assets do not exceed $1 million. The figure shown is the simple unweighted average of the ^ rates in effect on the last business day of the first full calendar week of the month; the range, of variation of these rates is considerable. The large business prime rate is the rate most commonly quoted by>large banks on that date. Since.the prime rate information! has hot been converted to an effective rate basis, the rates shown, are not directly comparable to the other rates shown on this release, i