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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? _%

Respuesta :

Branson,we have to turn the 1.6% into a decimal by moving the decimal point two spaces away from the percent sign, then multiply by 120,000 .016($120,000) = $1920




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