5. What would be the monthly payment for a $150,000, 10-year loan at an annual percentage rate (APR) of 4.8%? (Hint: First, you need to convert the APR which is a yearly interest rate into a monthly rate by dividing the APR by 12. Call it r. Then, the monthly payment is given by (PV x r) / (1- 1/(1+r)t) where PV is the principal of the loan or the amount borrowed today and t is the number of monthly payments which is equal to the number of years in the loan term multiplied by 12.) a. $1,482 b. $1,535 c. $1,576 d. $1,603