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FED ER A L RESERVE tat I s 11 c b I release '• f*4L RE^> For immediate release G. 10 May 9, 1973 INTEREST RATES CHARGED ON, SELECTED TYPES OF 7 BANK LOANS Interest rate (per cent per annum) January March April 1972 - 1973 1973 Type of Loan Small, short-term noninstalment loans to businesses If Farm productiorj. loans (one year or less ^maturity) Feeder cattle operations Other farm production operating expenses ^ i;y 7.31 7.83 7,95 7.55 7,74 8.03 7.63 7.97 8.01 Consumer instalment credit for: New. automobiles (36 months) i. 10.,26' 10.. 94 Mobile homes (84 months) (24 months) ' Other personal expenditures (12 months). Credit card plans 10..04 10.,67 i io.,04 10.,64 12.,57 ^ 1 2 , ,48 12.,50 12 .74 , 17. 11 12..71 -1-1.,19 12.,74 17.,19 Note: The interest rates shown on this release are based on a survey conducted jointly by the Federal Reserve System and the Federal Deposit Insurance Corporation of loans made durirfg the first full calendar week of each month by a sample of 370 insured commercialibanks^ They represent simple unweighted averages of the "most cotiftnon" effective annual rate reported by respondents in each loan category. The "most common" rate is defined as th'p rate charged on the largest dollar volume of loans in the particular cateogory, during the week covered in the.survey. Consumer instalment loan rates are reported on a Truths,in-Lending basis as specified in the Federal Reserve Board's Regulation Z. 1/ Loans of $10,000 to $25;Q00 matuning in one year— or less.
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