1.Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $1100 quarterly, with payments made at the beginning of each quarter, over the next 8 years. How much can he spend on his boat today if the interest rate is 14.8% per annum compounded quarterly?Select one:a. $21190.34b. $20434.27c. $5704.05d. $4968.692.Jenny wants to borrow money from the mortgage company with the lowest effective annual rate (EAR). Which of the following loan offers will meet her objectives:Select one:A. 6% compounded dailyB. 6% compounded monthlyC. 6% compounded annuallyD. 6% compounded continuously