Conventional vs. ARM mortgage payments. 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...

Conventional vs. ARM mortgage payments. 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.