Problem 2 : Given the following data for Mr. Card : Outstanding Balance Monthly Payment Credit Card 54, 000 $100 Credit Card 2 57, 000 $200 Credit Card \\3 $3, 500 590 095 Credit Card 4 52, 500 Credit Card 5 58, 000 $300 ( A ) Calculate total amount of the loan needed today to pay - off the credit cards ?" ( B ) If a credit union is willing to offer the loan at 10. 2% ( APR ) for eight years ; what would be the monthly payment on such a loan ? ( Assume monthly compounding ) ` ) What is the monthly savings achieved by taking the loan ?"