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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