entergy corporation notes to consolidated financial statements sale and leaseback transactions waterford 3 lease obligations in 1989 , entergy louisiana sold and leased back 9.3% ( 9.3 % ) of its interest in waterford 3 for the aggregate sum of $ 353.6 million . the lease has an approximate term of 28 years . the lessors financed the sale-leaseback through the issuance of waterford 3 secured lease obligation bonds . the lease payments made by entergy louisiana are sufficient to service the debt . in 1994 , entergy louisiana did not exercise its option to repurchase the 9.3% ( 9.3 % ) interest in waterford 3 . as a result , entergy louisiana issued $ 208.2 million of non-interest bearing first mortgage bonds as collateral for the equity portion of certain amounts payable under the lease . in 1997 , the lessors refinanced the outstanding bonds used to finance the purchase of waterford 3 at lower interest rates , which reduced the annual lease payments . upon the occurrence of certain events , entergy louisiana may be obligated to assume the outstanding bonds used to finance the purchase of the unit and to pay an amount sufficient to withdraw from the lease transaction . such events include lease events of default , events of loss , deemed loss events , or certain adverse "financial events." "financial events" include , among other things , failure by entergy louisiana , following the expiration of any applicable grace or cure period , to maintain ( i ) total equity capital ( including preferred stock ) at least equal to 30% ( 30 % ) of adjusted capitalization , or ( ii ) a fixed charge coverage ratio of at least 1.50 computed on a rolling 12 month basis . as of december 31 , 2003 , entergy louisiana's total equity capital ( including preferred stock ) was 49.82% ( 49.82 % ) of adjusted capitalization and its fixed charge coverage ratio for 2003 was 4.06 . as of december 31 , 2003 , entergy louisiana had future minimum lease payments ( reflecting an overall implicit rate of 7.45% ( 7.45 % ) ) in connection with the waterford 3 sale and leaseback transactions , which are recorded as long-term debt , as follows: .

Table: ( in thousands ) 2004 $ 31739 2005 14554 2006 18262 2007 18754 2008 22606 years thereafter 366514 total 472429 less : amount representing interest 209895 present value of net minimum lease payments $ 262534

grand gulf 1 lease obligations in december 1988 , system energy sold 11.5% ( 11.5 % ) of its undivided ownership interest in grand gulf 1 for the aggregate sum of $ 500 million . subsequently , system energy leased back its interest in the unit for a term of 26-1/2 years . system energy has the option of terminating the lease and repurchasing the 11.5% ( 11.5 % ) interest in the unit at certain intervals during the lease . furthermore , at the end of the lease term , system energy has the option of renewing the lease or repurchasing the 11.5% ( 11.5 % ) interest in grand gulf 1 . system energy is required to report the sale-leaseback as a financing transaction in its financial statements . for financial reporting purposes , system energy expenses the interest portion of the lease obligation and the plant .

Question: what portion of the total future minimum lease payments for entergy louisiana is used for interest?
Answer: 44.4%
Calculation: divide(209895, 472429)