need help on #29 and 30

29. Challenge question I. 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 $35,000, Michael must secure his own financing. He visits four different financial institutions and gets the following loan offers: Bank 1: 60 monthly payments of $726.54 Bank 2: 48 monthly payments of $870.97 Bank 3: 156 weekly payments of $256.20 Bank 4: 24 quarterly payments of $1,115.811,903.31 Which loan should Michael take? Hint: Which loan has the lowest EAR? 30. Challenge question II. Tyler wants to buy a beach house as part of his invest- ment portfolio. After searching the coast for a nice home, he finds a house with a great view and a hefty price of $4,500,000. Tyler will need to borrow the whole amount from the bank to pay for this house. Mortgage rates are based on the length of the loan, and a local bank is advertising fifteen-year loans with monthly payments at 7.125%, twenty-year loans with monthly payments at 7.25%, and thirty-year loans with monthly payments at 7.375%. What is the monthly payment of principal and interest for each loan? Tyler believes that the property will be worth $5,500,000 in five years. Ignoring taxes and real estate commissions, if Tyler sells the house after five years, what will be the difference in the selling price and the remaining principal on the loan for each of the three loans