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FEDERAL statistical RESERVE release For immediate r e l e a s e November 2, 1977 INTEREST RATES ON SELECTED CONSUMER INSTALMENT LOANS AT REPORTING COMMERCIAL BANKS I n t e r e s t Rate (Per c e n t per annum) September 1976 August 1977 September 1977 New a u t o m o b i l e s (36 months) 11.07 10.86 10.82 Mobile homes (84 months) 11.88 11.89 11.90 Other consumer goods (24 months) 13.08 12.87 12.97 Other p e r s o n a l e x p e n d i t u r e s (12 months) 13.40 13.46 13.36 C r e d i t card p l a n s 17.02 16.81 16.88 D i r e c t Consumer Loans NOTE: The i n t e r e s t r a t e s shown i n t h i s r e l e a s e a r e based on a survey conducted by the F e d e r a l Reserve System, w i t h 245 banks responding t o t h e survey in September. Banks r e p o r t i n g i n each c a t e g o r y numbered: new a u t o m o b i l e s , 242; mobile homes, 71; o t h e r consumer goods, 196; o t h e r p e r s o n a l e x p e n d i t u r e s , 237; c r e d i t c a r d 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 a v e r a g e s of each b a n k ' s "most common" r a t e charged 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 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 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 the survey week. Rates r e p o r t e d a r e "annual p e r c e n t a g e r a t e s " as s p e c i f i e d by R e g u l a t i o n Z ( T r u t h - i n - L e n d i n g ) .