Tom Henderson takes out a $120,000 mortgage. He paid 1.6% of the loan amount in closing costs and $8,962.49 in total interest the first year of the loan.
What are Tom's closing costs? $
If the APR is (interest for one year plus closing costs) ÷ (amount financed), what was the APR for that year? %
If the APR is (interest only for one year) ÷ (amount financed), what was the APR (to the nearest tenth) for that year? %
What are Tom's closing costs? $1920 If the APR is (interest for one year plus closing costs) ÷ (amount financed), what was the APR for that year? 9.1% If the APR is (interest only for one year) ÷ (amount financed), what was the APR (to the nearest tenth) for that year? 7.5%
