A loan of 50,000 is being repaid with monthly level payments at the end of each year for 6 years at 5% effective rate. Just after making the payment of the second annuity, it is decided to change the amortization method, the loan is being repaid with constant annual principal repayments for the remaining 3 years at an interest rate of 4.5%.

A) find the outstanding debt just after the payment of the third annuity