You have just negotiated a home mortgage with a principal of $400,000. The bank's quoted rate is 3.2%. You chose a 20 -year amortization and you decide to make 12 payments per year. Each mortgage payment is $2,254.38. 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.)