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For immediate r e l e a s e -May 8 , .1972 INTEREST RATES, CHARGED ON SELECTED TYPES OF BANK LOANS Type of Loan , Interest rate January 1972 ( p e r c e n t p e r annum) February March 1972 1972 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/ 7.,31 7.19 7.16 ' Farm 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 operations Other farm production Vo p e r a t i n g expenses 7.55 : 7.63 7.46 7:37 7.62 7.51' 10.26 10.94 12.57 10.20 10.8,8 12.50 10.12 ,10-61 12.43 12.72 17.13' 12.60 i . 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 c o n s u m e r goods (24 m o n t h s ) Other personal expenditures (12 m o n t h s ) Credit card plans $ 12.74 17.11 . 17.20 2/ 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 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 3 7 0 . 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 "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 oh 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 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 a s s p e c i f i e d 1 •in 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. ' 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 . 2 / I n c l u d e s upward r e v i s i o n s of d a t a f o r a few r e s p o n d e n t s t o c o r r e c t reporting errors. R e v i s i o n s n o t c a r r i e d b a c k , and March d a t a t h e r e f o r e not . f u l l y comparable with e a r l i e r months.
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