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••ofcov* F E D E R A L R E S E R V E ~~1 s t a t i s t i c a I •-f<4LR&SV: G.iO re l e a s e ' For immediate release May 17, 1976, INTEREST RATES CHARGED ON SELECTED TYPES OF BANKS LOANS Interest irate (per cent per annum) April March April 1975 1976 ' 1976 , Type of Loan Small short-term noninstalment loans to businesses If Farm production loans (one year or less maturity) Feeder cattle operations Other farm production operating expenses Consumer instalment credit for: New automobiles (36 months) Mobilg homes (84 months) Other consumer good^ (24 months) Other personal expenditures (12 months) ' , Credit card plans 1/ 9.56 8.98 8.98 a * 8.90 8.97 9.53 9.45 9.01 9.08 11.44 11.78 13.22 11.13 11.82 . 13;02 11.08 ' 11.66 12.95 13.55 17J17 13.13 16.99 13.16 17.04 \- ' Loans of $10,000 to $25,000 maturing in one year or less. NOTE: The interest rates shown on this release are based on a survey conducted by the Federal Reserve System. In the April survey, 241 banks reported their . rates on small short-term noninstalment loans to businesses; 46 reported their, rates on feeder cattle operation loans; 61 reported their rates on other farm production operating expenses loans;; 242 reported their rates on new automobiles; 57 reported their rates on mobile.homes; ,193 reported their rates on other consumer goods; *237 reported their rates on other personal expenditures; 157 reported their rates on credit card plans. AIL rates represent simple unweighted averages of the "most common" effective annual rate on loans made during the first full calendar week of the month in each loan category. The "most common" 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 sample for April contained 261 member banks *