Michelle has four credit cards with the balances and interest rates listed below. She would like to consolidate all of her credit cards in a single credit card with an interest rate of 16% and pay off the balance in 36 months. If she did so, what would Michelle’s monthly credit card payment be? Credit Card
Balance
APR
#1
$4,380
17%
#2
$1,365
19%
#3
$2,480
23%
#4
$5,000
15%
a.
$367.36
b.
$464.95
c.
$685.23
d.
$826.56