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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 $4,000, 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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