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, $4,500, 20%; Card 2, $5,800, 24%; and Card 3, $3,100, 16%. 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 16.5% APR. Is the company's claim correct? Assume a 10-year repayment period.
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We have solutions for your book! ... She has three credit cards with the following loan balances and APRs: Card 1, $4,500, 21%; Card. 2, $5,700, 24%; and Card 3, $3,200, 18 %.
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