Joe has managed to save a deposit towards a boat. The boat costs $100,000 and Joe borrows $65,000 towards this. The contract requires equal payments at the end of each quarter over a 15 year period. The interest rate is currently 12% compounded quarterly. What will be the amount of each quarterly payment?

Select one:

a.

$3,613.30

b.

$2,348.64

c.

$9,543.58

d.

$2,438.64