Graham and Stacy are having difficulty stretching their salaries to pay their bills. Before their marriage three months ago, they purchased new furnishings for their apartment. Then they paid for their honcymoon with "plastic." Now the bills are all in. The following table lists their debts. Debt Balance (S) Interest rate Car loan 6000 [9.5% Canada Student Loan 6800 Prime 2.5% Visa 4700 17.5% MasterCard 3900 15.9% American Express 3850 28.8% Canadian Tire 1250 28.8% Monthly payment Minimum Fixed (S) 300 5% The minimum monthly payment on each credit card is the indicated percentage of the combined principal balance plus accrued interest. The prime rate of interest is 6.5%. With a view to consolidating their debts, Stacy and Graham have discussed their personal financial position with the Personal Banking Representative (PBR) at the bank close to their new apartment. The PBR is prepared to approve a $20,000 joint line of credit at prime plus 3% on the condition that $6000 be used immediately to pay off the car loan (obtained from another bank). The minimum monthly payment would be 3% of the combined principal balance plus accrued interest. Ouestions 1. Assuming 30 days' interest on the indicated (principal) balances, what