Michael is shopping for a special automobile he finds the, Financial Management

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Michael is shopping for a special automobile he finds the

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 ?$30,000?, Michael must secure his own financing. He visits four different financial institutions and gets the following available? loans: ROUND TO FOUR DECIMAL PLACES

PLEASE SHOW WORK

Bank? 1: 60 monthly payments of ?$590.50

Bank? 2: 48 monthly payments of ?$707.99

Bank? 3: 312 weekly payments of ?$116.18 ?(Assume a? 52-week year.)

Bank? 4: 12 quarterly payments of $2750.40

Which loan should Michael? take?

?Hint: Which loan has the lowest? EAR?

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Financial Management: Michael is shopping for a special automobile he finds the

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