What would the monthly payments be on a $150,000 loan if the mortgage were set up as:

Question:

What would the monthly payments be on a $150,000 loan if the mortgage were set up as:
a. A 15-year, 6 percent fixed-rate loan?
b. A 30-year ARM in which the lender adds a margin of 2.5 to the index rate, which now stands at 4.5 percent?
Find the monthly mortgage payments for the first year only.