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 1 loan balances and APRs: Card 1, $4,500, 19%; Card 2, $5,700, 23%; and Card 3, $3,200, 15%. Interest compounds "monthly on all loan balances. A Credit card loan consolidation company has captured Mary’s attention by stating they can save Mary 17% 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.
Her Minimum monthly payments are?
Her minimum monthly payments are loan considerations are?
Is company correct?