Mary's credit card situation is out of control because she cannot afford to make her...
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Mary's credit card situation is out of control because she cannot afford to make her monthly payments. She has three credit cards with the following loan balances and APRs: Card 1, $4000, 20%; Card 2, $5500, 24%; and Card 3, $3400, 18%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary's attention by stating they can save Mary 25% per month on her credit card payments. This company charges 16.5% APR. Is the company's claim correct? Assume a 10-year repayment period. Mary's current minimum monthly payments are $ nothing. (Round to the nearest cent.)
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