Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $1100 quarterly, with payments made at the…

1.Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $1100 quarterly, with payments made at the beginning of each quarter, over the next 8 years. How much can he spend on his boat today if the interest rate is 14.8% per annum compounded quarterly?

Select one:

a. $21190.34

b. $20434.27

c. $5704.05

d. $4968.69

2.Jenny wants to borrow money from the mortgage company with the lowest effective annual rate (EAR). Which of the following loan offers will meet her objectives:

Select one:

A. 6% compounded daily

B. 6% compounded monthly

C. 6% compounded annually

D. 6% compounded continuously

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