Full text of E.12 Finance Rates on Selected Consumer Installment Loans at Reporting Commercial Banks : September 23, 1975

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FEDERAL
?M

R E S E: R V E

tatistical

release

;
G.10

For Immediate release
September 23, 19,75

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

,

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

Small short-term nonins talment
loans to businesses 1/

7 .31

Farm production loans (one yean 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/

9.10

9.38

7,.55

9.02

9.33

7,.63

9.25

9.33

11.30
11.94
13.13

11.31
11.80
13.05'

13.49
17.15

13.37
17.14

10,.26
10.,94
12,.57
1

12.,74
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 June survey,313 banks reported their rates on
small short-term noninstalment loahs to businesses; 51 reported their
rates on feeder cattle operations loans; 68 reported their rates on other
farm production operating expenses loans; 312 reported their rates on
new autoirobiles; 64 reported their rates on mobile homes; 264 reported
their rates on other consumer,goods; 316 reported their rates on other
personal expenditures; 189 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 tl.a Federal Reserve Board's Regulation Z.
Beginning with the June 1975 Survey, the small business prime rate
is no longer reported.
•