use equations please, not excel

19. A 3% coupon bond with annual coupon payments and 10 years to maturity has a par value of $1,000 and market price of $975. New 10-year treasury notes with a coupon rate of 1.5% that are otherwise similar are being issued at par. What is the credit spread for your bond expressed in basis points (bps)? A. 150 bps B. 1.50 bps C. 180 bps D. 1.80 bps