Denzel needs a new car. At the dealership, he finds the car that he likes. The dealership gives him two payment options: 1. Pay $31,000 for the car today 2. Pay $3,200 at the end of each quarter for three years Required: Denzel uses a discount rate of 12% (or 3% qua tenn calculate the present valuery S1 A and PA Present Value Option 1 Option 2 1-b. Which option gives him the lower cost? Option 1 Option 2