You have just negotiated a home mortgage with a principal of

$350,000. The bank's quoted rate is 8.2%.

You chose a 20-year amortization and you decide to make

24 payments per year. Each mortgage payment is $1,468.21.

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.

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Part 1

The interest as a percentage of the total payments in year 1 is

enter your response here%.

(Round to four decimal places as needed.)