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Mary's credit card situation is out of control because she cannot afford to make her...

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Finance

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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, 54,300, 21%; Card 2, $5,700, 24%; and Card 3, $3,100,19%. 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 15.5% APR. Is the company's claim correct? Assume a 10-year repayment period. .. Mary's current minimum monthly payments are $240.30(Round to the nearest cent.)

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