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f e d e r a l r s t a t i s t i c a l e ^ r v e s e i m m e d i a t e release O c t o b e r 19, 1973 • ItTfEREST R A T E S C H A R G E D ON S E L E C T E D T Y P E S OF BANK L O A N S Interest rate (per cent per annutri) January • August September T y p e of L o a n 1972 Small short-term noninstallment loans to b u s i n e s s e s 1/ F a r m p r o d u c t i o n loans (one year or less m a t u r i t y ) Feeder cattle operations O t h e r farm p r o d u c t i o n s operating expenses C o n s u m e r i n s t a l l m e n t c r e d i t for: 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 h o m e s (84 m o n t h s ) Other c o n s u m e r g o o d s (24 m o n t h s ) Other p e r s o n a l e x p e n d i t u r e s (12 m o n t h s ) C r e d i t card p l a n s Business loans--prime rate T o s m all b u s i n e s s e s T o large b u s i n e s s e s 1/ e r e Ie a For G.10 s > 1973 - 1973 . 7-31 9.03 9.40 i 7.55 8.97 9.43 7.63 8.69 9.17 10.26 10.94 10.25 10.95 11.06 12.57 12.66. 12.67 12.74 17.11 12.84 17.22 12.96 17.23 n.a 5.25 7.83 9.00 8.17 9.75 10.44 Loans of $ 1 0 , 0 0 0 to $ 2 5 , 0 0 0 m a t u r i n g in one year or less. Note: E x c e p t for the p r i m e rate on loans to large b u s i n e s s e s , the interest r a t e s s h o w s on this r e l e a s e are ba^ed 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 the F e d e r a l R e s e r v e S y s t e m and the 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 at 3 7 0 insured c o m m e r c i a l b a n k s . A l l rates e x c e p t the prime r a t e s r e p r e s e n t simple unweighted a v e r a g e s of the "most c o m m o n " e f f e c t i v e a n n u a l rate on loans made d u r i n g the first full c a l e n d a r w e e k of the m o n t h in e a c h loan c a t e g o r y . The "most c o m m o n " rate is defined as the rate charged on the largest dollar v o l u m e of loans in the 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 w e e k c o v e r e d in the survey. Consumer i n s t a l l m e n t loan rates are reported on a T r u t h - i n - L e n d i n g basis as specified in the 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 . \ (Over) The vrime rate on .loans to small- businesses, as provided for in the dual primei rate structure established by the Committee- on Interest , and Dividends m the interest rate criteria for * qommer c iaj. banks, issued April 16, 1973, is the best rate charged by a bank to its most'creditworthy local customers. -For qhe Committee's purposes, a small business is defined as any domestic commercial, industrial* of agricultural borrower whose total borrowings outstanding ; at any one time over the preceding 12. months (exclusivle of long-term re,a 1 estate mortgage d e b t ) did not exceed $.350,000 and whose assets do not exceed $1 million. . The figure shdwn is the simple unweighted average of the rates in effect on the last business day of the"first full calendar week of,the month, the range of variation of these rates is considerable. .The large business prime rate is the rate most commonly quoted by*large banks on that date. • Since the prime rate information has not been converted to an effective rate* basis, the rates shown aire not directly comparable to the other rates shown^on this release.
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