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Assume we have a PLAM for $450,000 mortgage with a 30 year term and monthly payments. The real loan rate is 3%, with inflation rates

Assume we have a PLAM for $450,000 mortgage with a 30 year term and monthly payments. The real loan rate is 3%, with inflation rates of 3%, 4%, and 5% for years 1, 2, 3, respectively. What is the loan payments at the beginning of the second year?

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