1. Convert the effective interest rate from annual to monthly: 1.05375^(1/12) = 1.0043725

2. Monthly interest = 0.43725%

3. Number of payments = 360

4. Present Value = $150,000

5. Monthly payment = $828.02 (using a financial calculator).

If you do not have a financial calculator, you can use the annuity formula:

Where:

§ A = periodic payment amount

§ P = amount of principal, net of initial payments, meaning "subtract any down-payments"

§ i = periodic interest rate

§ n = total number of payments

For a 30-year loan with monthly payments, 

So A = $150,000 (0.0043725 + ) = $828.02