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 $30,000, Michael must secure his own financing. He visits four different financial institutions and gets the following available loans: Bank 1: 48 monthly payments of $711.45 Bank 2: 60 monthly payments of $590.50 Bank 3: 312 weekly payments of $114.55 (Assume a 52-week year.) Bank 4: 12 quarterly payments of $2,761.12 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? 0.5417 % (Round to four decimal places.) If Michael selects Bank 1 for the loan, what is the EAR on the loan? % (Round to two decimal places.)