Question

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? %