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? %

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Do "Closing Costs" count as interest that is paid?

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