Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $100 quarterly, with payments made at the beginning of each quarter, over the next 9 years. How much can he spend on his boat today if the interest rate is 14.0% per annum compounded quarterly?

Answer rating: 100% (QA)

To calculate how much Jack can spend on a boat today we need to calculate the present value of ... View the full answer