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