Ken Loaned Mario P5,000,000 Under A Written Loan Agreement The Principal Of The Loan…

Ken loaned mario p5,000,000 under a written loan agreement the principal of the loan will mature in 5 years and pays, 10% annual interest. ken required mario to submit a promissory note to secure the loan. after a year, mario incurred delay in interest payment prompting ken to require mario to mortgage his residence with a total fair value of p4,000,000 as security to the loan. compute the documentary stamp tax on the mortgage.

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