To pay for college, you have just taken out a $$1,000$ government loan that makes you pay $$126$ per year for $25$ years. However, you don't have to start making these payments until you graduate from college two years from now. Why is the yield to maturity necessarily less than $12\%($this is the yield to maturity on a normal $$1,000$ fixed$-$payment loan in which you pay $$126$ per year for $25$ years$)?$

A$.$ This is the case becriuse of the known effects of inflation.

B$.$ This is the case because the first payment due begins at a future date.

C$.$ This is the case because the loan has a government guarantee.

D$.$ This is the case because market interest rates are less than $12\%.$