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 loan offers:

Bank $1$: $60$ monthly payments of $$726\mathrm{.}54$

Bank $2$: $48$ monthly payments of $$870\mathrm{.}97$

Bank $3$: $156$ weekly payments of $$256\mathrm{.}20$

Bank $4$: $24$ quarterly payments of $$1,115\mathrm{.}81$

Which loan should Michael take? Hint: Which loan has the lowest EAR?