What would a 3/5 cap mean for an adjustable-rate mortgage?

What would a 3/5 cap mean for an adjustable-rate mortgage?

The most the margin will increase is 3% in any 1 year and the highest the margin will ever go is 5% over the life of the loan.

The index rate cant increase beyond 3% in any 1 year and the composite rate cant be higher than 5% for the life of the loan.

The most the composite rate could go up is 3% in any one year and the highest the composite rate could be is 5% higher than the initial composite rate.

The composite rate will increase by 3% over a 5-year term and then stay flat for the remaining term of the loan.