Challenge question. Michaelis 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: 36 monthly payments of $953.99 Bank 2: 60 monthly payments of $630.06 Bank 3. 208 wookly payments of $174 31 (Assume a 52-wook year.) Bank 4: 24 quarterly payments of $1,642,84 Which loan should Michael tako? Hint. Which loan has the lowest EAR? GER if Michael selects Bank 1 for the loan, what is the periodic interest rate on the loan? 1% (Round to four decimal places.)