Engineering economy

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, $4300, 20%; Card 2, $5,500, 24%, and Card 3, $3,200, 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 22% 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 S(Round to the nearest cent)