Challenge question I Michaelis shopping for a special automobile. He finds the exact car he...
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Challenge question I 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 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 ms Bank 1: 60 monthly payments of $83520 Bank 2: 36 monthly payments of $1,28600 Bank 3 206 weekly payments of S231.33 (Assume a 52-wook year) Bank 4 24 quarterly payments of $2,175.21 15 Wich loan should Michael tako? Hint Which loan has the lowest EAR? ntly Delete it Michael selects Bank 1 for the loan, what is the periodic interest rate on the loan? a types % (Round to four decimal places
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