Joshuas credit card situation is out of control because he cannot afford to make his monthly payments. He has three credit cards with the following loan balances and APRs: Card 1, $4,500, 21%; Card 2, $5,700, 24%; and Card 3, $3,200, 18%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured his attention by stating they can save him 25% per month on his credit card payments. This company charges 16.5% APR. Is the companys claim correct? Assume 10 years as a repayment periods.