E 5-13 Present value; ordinary annuity LO5-8 Denzel needs a new car. At the dealership, he finds the car that he likes. The dealership gives him two payment options: (1) pay $35,000 today for the car or (2) pay $4,000 at the end of each quarter for three years. Assuming Denzel uses a discount rate of 12% (or 3% quarterly), determine which option gives him the lower cost