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Problem 4.L04.16 (similar to) Question Help You have just negotiated a home mortgage with a principal of $500,000. The bank's quoted rate is 3.1%. You chose a 25-year amortization and you decide to make 52 payments per year. Each mortgage payment is $551.45. How much interest do you pay in the first year? Express your answer as a percentage of the total value of your mortgage payments in the first year. The interest as a percentage of the total payments in year 1 is %. (Round to four decimal places as needed.)