A mortgage loan is termed as a loan that is used to purchase or maintain a home, land or other pieces of real estate.
The borrower agrees to repay the amount of loan to the lender over a period of time, usually in a series of regular installments divided into principal and interest. The property is used as security for the loan.
Calculation of the amount of mortgage is as follows:
[tex]\text{Interest}= \text{Mortgage amount} \times\frac{0.05}{12}\times3[/tex] = 1875
[tex]\text{Principal Pay }= 1000 \times3[/tex] = 3000
Total amount paid = Interest + principal pay = 1875 + 3000 = 4875
Initial balance = 150000
The remaining balance for the mortgage amount = initial balance - the total amount paid.
Amount of mortgage = $ 145125.
Therefore the closest to the mortgage balance after 3 months of payments is
(1) $145,165.
To know more about the calculation of the mortgage amount, refer to the link below:
https://brainly.com/question/24913140
