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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
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 $4,000, 20%; Card 2. S5.800, 2496; and Card 3 $3.100 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 16% per month on her credit card payments. This company charges 17.5% APR s he companys am correct Assume a -year repayment eno Mary's current minimum monthly payments are s (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
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