How interest compounds monthly on all loan balances

Reference no: EM13238720

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, 21%; Card 2, $5,700, 24%; and Card 3, $3,200, 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 25% per month on her credit card payments. This company charges 16.5%APR. Is the company's claim correct?

Reference no: EM13238720

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