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FEDERAL statistical G.10 RESERVE release For immediate r e l e a s e June 29, 1977 INTEREST RATES ON SELECTED CONSUMER INSTALMENT LOANS AT REPORTING COMMERCIAL BANKS I n t e r e s t Rate (Per cent per annum') May 1976 April 1977 May 1977 New automobiles (36 months) 11.01 10.82 10.81 Mobile homes (84 months) 11.61 11.73 11.73 Other consumer goods (24 months) 12.96 12.92 13.00 Other personal expenditures (12 months) 13.26 13.41 13.29 C r e d i t card plans 17.02 16.91 16.87 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 Federal Reserve System, with 244 banks responding to the survey in May. Banks r e p o r t i n g i n each category numbered: new automobiles, 240; mobile homes, 65; o t h e r consumer goods, 200; o t h e r personal e x p e n d i t u r e s , 238; c r e d i t card p l a n s , 163. A l l r a t e s shown r e p r e s e n t simple unweighted averages of each b a n k ' s "most common" r a t e charged during the f i r s t f u l l calendar 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 in the p a r t i c u l a r category during the survey week. Rates r e p o r t e d a r e "annual p e r centage r a t e s " as s p e c i f i e d by Regulation Z ( T r u t h - i n - L e n d i n g ) .
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