Jeff wanted to rent an apartment to live in for the next 5 years until he finishes his studies. He found a nice apartment next to his school, the owner asks Jeff to pay $300 each month, Jeff agreed, and for the first 3 years everything went fine, but then the owner wanted to raise the price for each month to $350. Jeff agreed again and continued paying until he graduated. How much did Jeff end up paying for the apartment throughout the 5 years?
Work out the solution step by step.