Challenge question I. Michael is shopping for a special automobile. He finds the exact car…

Challenge question I._Michael_is shopping for_a_special automobile. He finds the_exact_car he_wants,_a_1966_dark-blue_Pontiac GTO._This_car is currently_the property of_a_neighbor,_so to buy it for the agreed-upon price_of_$35,000,_Michael_must secure his own_financing._He_visits_four different_financial_institutions and_gets_the_following_available_loans: Bank_1:_60_monthly_payments_of_$726.54 Bank_2:_48_monthly_payments_of_$870.97 Bank_3:_156_weekly_payments_of_$256.20 Bank_4:_24_quarterly_payments_of_$1,115.81 Which_loan should_Michael_take? Hint:_Which_loan has the_lowest_EAR?

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