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 theagreed-upon price of $50,000,

Michael must secure his own financing. He visits four different financial institutions and gets the following available loans:

Bank 1:48 monthly payments of 179.99

Bank 2:72 monthly payments of $840.50

Bank 3:156 weekly payments of $350.41(Assume a 52-week year.)

Bank 4:20 quarterly payments of $2,966.40

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A. Periodic interest rate for each loan ? (round to 4 decimals)

B. EAR for each loan ? (round to 2 decimals)

C. Which loan should he choose