The installment buyer is in for a shock this week. If he applies for a car loan, his banker will have to tell him that the true interest rate is about dou ble the 6% or so that the bank may have been advertising. If he uses a de partment store revolving-credit plan, his next bill will inform him that the 1½%-a-month interest charged on his unpaid balance works out to a yearly interest charge of 18%.
Such candor is required by Federal Reserve Board Regulation "Z," which takes effect July 1. The 59-page regulation tells what stores, banks, finance...
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