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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

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: Card1,$4 comma 000,21%; Card2,$5 comma 700,25%; and Card3,$3 comma 100,17%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary's attention by stating they can save Mary 26% per month on her credit card payments. This company charges 17.5% APR. Is the company's claim correct? Assume a 10-year repayment period.

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