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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 the following

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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 the following loan balances and APRs: Card 1, $4,300,22%; Card 2, $5,800,25%; and Card 3, $3,400, 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 17.5% APR. Is the company's claim correct? Assume a 10-year repayment period. Mary's current minimum monthly payments are $ (Round to the nearest cent.) Mary's minimum monthly payments after loan consolidation will be $ (Round to the nearest cent.) Is the company's claim correct? Choose the correct answer below. A. Yes because Mary's monthly credit card payments will increase for more than 22%. B. Yes because Mary's monthly credit card payments will decrease for more than 22%. C. No because Mary's monthly credit card payments will increase for less than 22%. D. No because Mary's monthly credit card payments will decrease for less than 22%

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