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Darby and Lenny have three credit cards with monthly minimum payments totaling $810.55. Their balance on the cards totals $41,000.00. The cards are scheduled to
Darby and Lenny have three credit cards with monthly minimum payments totaling $810.55. Their balance on the cards totals $41,000.00. The cards are scheduled to be paid off after 17 years (assuming the minimum payment is made each month). Over the 17 years, they will pay $124,352.20 in interest on their credit card loans. If Darby and Lenny consolidate their credit card debt to a single loan with a 7.0% rate of interest over 4 years, how much will they save in total interest paid? $85,662.23$154,352.20$118,225.99$6,126.21
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