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Percentage of the total payments

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You have just negotiated a home mortgage with a principal of ?$400,000. The? bank's quoted rate is 6.3?%. You chose a 35?-year amortization and you decide to make 12 payments per year. Each mortgage payment is ?$2,339.85. 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 ? answer should be rounded to four decimal places

Reference no: EM132289021

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