There is a $81,818 loan with annual interest due. there was $900 in closing fees and $6,300 in total interest the first year. if the apr is the finance charge (interest plus fees) for one year ÷ amount financed, what was the apr for that year?

The APR for that year was 8.8%. The APR was calculated with the formula above in the question (interest+fees)/principal of the loan resulting in 8.8%. The Annual Percentage Rate is used by financial institutions to assess a debtor's ability to pay when that debtor wants to take a new mortgage loan for assessing the risk of unpaid debt.