You want to buy a new sports car from Muscle Motors for $45,000. The contract is in the form of an annuity due for 48 months at an APR of 9.00 percent. What will your monthly payment be? You have just won the lottery and will receive $460,000 in one year. You will receive payments for 19 years, and the payments will increase 4 percent per year. If the appropriate discount rate is 10 percent, what is the present value of your winnings? A local finance company quotes a 12 percent interest rate on one-year loans. So, If you borrow $40,000, the interest for the year will be $4,800. Because you must repay a total of $44,800 in one year, the finance company requires you to pay $44,800/12, or $3,733.33, per month over the next 12 months. a. What rate would legally have to be quoted? b. What is the effective annual rate