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 $45,000, Michael must secure his own financing. He visits four different financial institutions and gets the following available loans: Bank 1: 72 monthly payments of $745.78 Bank 2: 36 monthly payments of $1,384.33 Bank 3: 260 weekly payments of $202.83 (Assume a 52-week year.) Bank 4: 16 quarterly payments of $3,200.50 Which loan should Michael take? Hint: Which loan has the lowest EAR? If Michael selects Bank 1 for the loan, what is the periodic interest rate on the loan? % (Round to four decimal places.)