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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 of

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% and 4% for years 1 and 2, respectively. What is the loan payments during the first year?

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