Mon wants to make 5 lbs of the sugar syrup. How much water and how much sugar does he need ...

to make 1.5% of syrup

Whatever% of anything, is just (whatever/100) * anything.

the syrup is going to be 5lbs total, that includes the sugar in it as well as the water mix.

keeping in mind that the syrup will be a 1.5% syrup, namely 1.5% of it will be sugar, the rest just water then, how much is 1.5% of 5?

well, is just (1.5/100) * 5 or 0.075, namely lbs.

so, 0.075 lbs will be sugar and the rest water, the rest will be 5 - 0.075, or 4.925 lbs.