You have just negotiated a home mortgage with a principal of $500,000. The bank's quoted rate is 3.4%. You chose a 35-year amortization and you decide to make 24 payments per year. Each mortgage payment is $1,014.66. 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.)