Jaclyn and her family would like to install an inground swimming pool and have a nice patio area to enjoy in the summer. They have been given two quotes from different contractors. The first quote is for a total price of $63,000 that must be paid in full as soon as the work is completed.

The second contractor has offered them a payment plan. They can pay a $38,000 deposit before the work starts and then $800 each month for 3 years.

Assuming the quality of the work is the same, which option should they choose?