Hello,

I need to know how to compute the APR for a mortgage quote using the following data:

Rate: Say 6.75%
Term: 360 months
Loan Amount: Say $200,000
Closing Costs: Say $3,000

I'm a mortgage professional and even I get confused as to how to compute the APR, but it's always a bit higher than the interest rate and I believe it takes into account the closing costs.

Does anybody have the formula for this?

Thanks!