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? a. 1,954.14 b. 1,978.22 c. 1,997.22 d. 1,789.12 e. None of the given answers