Full text of E.12 Finance Rates on Selected Consumer Installment Loans at Reporting Commercial Banks : October 14, 1975

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FEDERAL

RESERVE

.— s t a t i s t i c a I

r e | e a s e

For immediate release
October 14, 1975

G. 10

INTEREST RATES CHARGED ON SELECTED TYPES OF BANK LOANS
Type of Loan

Interest rate (per cent per annum)
January
Aug.
Sept.
1972
1975
1975

Small short-term noninstalment
loans to b u s i n e s s e s — '
'

.

• »

°
7.31
'

.
^
' ,
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/

9.38

•

Farm production loans (one year dr
less maturity)
Feeder cattle operations
Other farm prbduction
operating expenses

9.56

,

7.55

9r33

7.63

9.33

9.38
9.43
"

10.26
10.94
12.57
12.74
17.11

j

11.31
11.80
13.05

11.33
11.99
13>;06

13.37
17.14

13.41
17.14

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 September survey, 320 banks reported their
rates on small short-term noninstalment loans to businesses;
50 reported
their rates on feeder cattle operation loans; 69 reported their rates on
other farm production operating expenses loans; 315 reported their rates
on new automobiles; 67 reported their rates on mobile homes; 265 reported
their rates o n other consumer goods; 320 reported their Tates on other
personal expenditures; 200 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 conrnion" rate is defined as the
rate charged on the largest dollar volume of loans in the "particular
category during the wegk 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 Survey, the small business prime rate

is no longer reported.



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