A mortgage banking company has been evaluating the merits of a 50-year mortgage (in addition to their popular 30-year mortgage). The basic idea is to reduce the monthly payment and make home ownership more affordable. The annual percentage rate (APR) of either mortgage is 6%, and the compounding is monthly. a. For a mortgage loan of Php 9,700,000, what is the difference in total interest paid between the two mortgages? (Do not solve using excel)

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.