Challenge question / 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 $40,000, Michael must secure his own financing. He visits four different financial institutions and gets the following available loans: Bank 1: 60 monthly payments of $801.52 Bank 2: 72 monthly payments of $696.46 Bank 3: 208 weekly payments of $221.67 (Assume a 52-week year.) Bank 4: 12 quarterly payments of $3,724.55 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