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F E D E R A L R s t a t i s t i c a l E S E R V E r e l e a s e * • f*4L RE-^ • For immediate release November 20, 1975 INTEREST RATES CHARGED C$N SELECTED TYPES OF BANK LOAN^-— Type of Loan Small short-term noninstalment loans to businesses — 'Farm production loans (one year or less maturity) Feeder cattle operations Other farm production operating expenses Consumer instalment credit for: New automobiles (36 months.) Mobile homes (84 months) - Other consumer goods (24 months) Other personal expenditures (12 months) Credit card plans 1/ Interest rate (per cent per annum) January ' = Sept.I Oct. 1972 1975{ 1975 7 . 31 9 .56 9 .65 7,.55 9 .38 v 9 .50 7..63 ; 9.43 10..26 10.,94 12.,57 12. 74 17. 11 , 9 .45 ii,.33 , n ..99 . 13.,06 ' 11..24 12..05 13.,00 13-,41 17..14 13.,38 17. 11 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 jointly by the Federal Reserve System and the Federal Deposit Insurance Corporation. In the October survey, 200 banks reported their rates on small short-term noninstalment loans, to businesses; 51 reported "their rates on feeder cattle operation loans; 62 reported their rates on other farm production operating expenses loans; 296 reported their rates on new automobiles; 65 reported their rates on mobile homes; 238 reported their rates on other consumer goods; 295 reported their rates- on other personal expenditures; 186 reported their 'rates on credit card plans. All •= 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. Beginning with the June 1975 Sufvey, the small business prime rate is no longer reported.