To help pay for university, you have just taken out a $1,000 government loan that makes youpay $126 per year for 25 years. However, you don't have to start making these paymentsuntil you graduate from university two years from now. Why is the yield to maturitynecessarily less than 12%? (This is the yield to maturity on a normal $1,000 fixed-paymentloan on which you pay $126 per year for 25 years.)