You are considering a $75,000, 30-year mortgage to purchase a new home. The bank at which you have done business for many years offers a rate of 7.54% compounded monthly. A competitor is offering 7.35% compounded monthly.  Would it be worthwhile for you to switch banks? Explain using mathematical terms/words, formula needed, amount in savings if any, payment, interest, etc. to provide reasoning.

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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.