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Auto Inc. sells and finances used cars. It offers its customer, Frodo, the following terms for a used Jeep. Quarterly payments of $1,500 for the

Auto Inc. sells and finances used cars. It offers its customer, Frodo, the following terms for a used Jeep.
Quarterly payments of $1,500 for the next three (3) years
Final payment at the end of three years of $6,000.
Frodo believes he could get a bank loan on this Jeep at an interest rate of 8%.
What is the present value of the Jeep to Frodo, using the bank rate?

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