Joe negotiates a 65,000 mortgage on a house with monthly payments of 500 for the first year, 600 for the second year, and 700 until the final payment. The first payment is due one month after the loan. The annual interest rate is 12% convertible monthly. Find the outstanding balance to the nearest 500 on Joe's mortgage immediately after the 36th payment. (a) 64,500 (b) 65,500 (c) 66,500 (d) 67,500 (e) It cannot be determined.