maddog3354
  • maddog3354
Sylvia Smith takes out a $85,000 mortgage. She paid 2.2% of the loan amount in closing costs and $7,200.35 in total interest the first year of the loan. What are Sylvia'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 for that year? %
Mathematics
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SOLVED
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jamiebookeater
  • jamiebookeater
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tkhunny
  • tkhunny
Show your work. You MUST have SOMETHING.
tkhunny
  • tkhunny
Do "Closing Costs" count as interest that is paid?
maddog3354
  • maddog3354

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tkhunny
  • tkhunny
You need to do the first one. What is 2.2% of the loan?

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