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, 50 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 (Assume a 52-week year) Bank 4: 24 quarterly payments of $1,903.28 Which loan should Michael tako? Hint: Which toan has the lowest EAR? # Michael selects Bank 1 for the loan, what is the periodic interest rate on the loan? 0% (Round to four decimal places.)