You have just negotiated a home mortgage with a principal of

$450,000.

The bank's quoted rate is

6.3%.

You chose a

25-year

amortization and you decide to make

24

payments per year. Each mortgage payment is

$1,478.02.

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

nothing%.