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Interest compounds monthly on all loan balances

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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, $4,300, 19%; Card 2, $5,500, 23%; and Card 3, $3,400, 17%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary's attention by stating they can save her 26% per month on her credit card payments. This company charges 17.5% APR. Is the company's claim correct? Assume a 10-year repayment period.

Reference no: EM131007738

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