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 $756.45

Bank 2:36 monthly payments of $1,384.33

Bank 3:208 weekly payments of $243.47 (Assume a 52-week year.)

Bank 4:20 quarterly payments of $2,637.24

Which loan should Michael take?Hint:Which loan has the lowest EAR?