You have just negotiated a home mortgage with a principal of $450,000. The bank's quoted rate is 4.6%. You chose a 25-year amortization and you decide to make 26 payments per year. Each mortgage payment is $1,159.91. 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...…?