Finance Assignment | Professional Writing

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

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Finance Assignment | Professional Writing
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Bank 1: 72 monthly payments of \$767.21

Bank 2: 36 monthly payments of \$1,404.95

Bank 3: 260 weekly payments of \$206.46 (Assume a 52-week year.)

Bank 4: 16 quarterly payments of \$3,281.53

Solve for all the banks.

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

If Michael selects Bank 1 for the loan, what is the periodic interest rate on the loan? (round to 4 decimals)

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