Question: Challenge question I . Michael is shopping for a special automobile. He finds the exact car he wants, a 1966 dark blue Pontiac GTO. This

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 $45,000, Michael must secure his own financing. He visits four different financial institutions and gets the following available loans:

Bank 1:36 monthly payments of $1,404.95

Bank 2:72 monthly payments of $778.06

Bank 3:260 weekly payments of $205.24(Assume a 52-week year.)

Bank 4:16 quarterly payments of $3265.23

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