Go to the Federal Reserve Website, http:// www.federalreserve.gov, Go to \" Econ
ID: 2653010 • Letter: G
Question
Go to the Federal Reserve Website, http:// www.federalreserve.gov, Go to " Economic Research and Data", and access " Recent Statistical Releases" and the " Consumer Credit". Find average interest rates charged by commercial banks on new automobile loans, personal loans, and credits card plans.
A. Compare the average level of interest rates among the three type of loans.
B. Access " Historical Data" and then " Consumer Credit", and compare trends in the cost of consumer credit ptovided by commercial banks over the past three years.
Explanation / Answer
Interest rates 2010 2011 2012 2013 2014 48-mo. new car 6.21 5.73 4.91 4.43 4.24 24-mo. personal 10.87 10.88 10.71 10.2 10.22 Credit card plans All accounts 13.78 12.74 12.06 11.91 11.87 Accounts assessed interest 14.26 13.09 12.96 12.95 13.19 Interest in car loan is much lower than the personnal loan and credit card plans. Trends shows that interest rates are reducing from the year 2010 to 2014, specially for car loan which reduced from 6.21% to 4.24%.
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