Please answer the previous question assuming that you took out a variable-ratemortgage at an APR of 3%, but with monthly payments that are based on a hypothetical rate of APR of 6%. Assume that exactly one year after you bought the house and borrowed the M =

$450,000, the floating rate underlying the variable-rate mortgage jumps from i = 3%/12 to i = 5%/12 and remains at this rate for the remaining two years. Please compute exactly how much money you owe (the outstanding balance) at the end of the three-year term of the mortgage.