was for 15 years (180 months). What is the remaining balance on your mortgage y thihkuay 5. (10 points) You have just taken out a 10-year, $12,000 loan to purchase a new car. This loan is to be repaid in 120 equal, end of month installments. If each of the monthly installments is $150, what is the effective annual interest rate on this car loan 6. (20 points) Collins Company had the following partial balance sheet and i statement information for 2000: Partial Balance Sheet: nco A/R Inventories Total Current Assets Net fixed assets Total Assets 1,000 3,020 6,000 lbo.oco Income Statement: Sales Cost of Goods Sold EBIT interest (10 %) EBT Taxes (40%) Net Income 10,000 9,200 800 400 400 160 240 The industry average Days Sales Outstanding is 30 (360 day year). Collins plans to change its credit policy so as to cause its DSO to equal the industry average, and this change is expected to have no effect on either sales or cost of goods sold. If the cash generated from reducing receivables is used to retire debt. (which was outstanding all last year and which has a 10 percent interest rate), what will Collins' debt ratio be after the change in DSO is reflected in the balance sheet