You would like to borrow money to purchase a house. You are considering a 15-year loan or a 30-year loan. The bank offers different interest rates. For the 15-year loan, the interest rate is 6.25% APR, compounded monthly. For the 30-year loan, the interest rate is 6.75% APR, compounded monthly.

5.) If you borrow $150,000, what are your monthly payments for each loan if payments are made at the end

of the month?