Mr. Spend has accumulated credit card loans of $15,000 and is finding it difficult to make payments. His local bank has offered him a consolidation loan to payoff all the credit card loans. The loan calls for monthly payments for 10 years and has a nominal interest rate of 5.99% (APR). What will Mr. Spend’s monthly payments be if he takes the loan?
Credit Card Loan Amount Monthly Payment
Visa 1 $3,000 $90
Visa 2 $5,000 $120
Visa 3 $6,000 $150
Master Card 1 $1,000 $20
