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

Given:
     Credit Card Balance APR
#1    $4,380                    17%
#2    $1,365                    19%
#3    $2,480                    23%
#4    $5,000                    15%

Total amount : $13,225
New interest rate: 16%
term: 36 months.

Since this is a fixed term loan, we need to solve for its monthly payment. The monthly payment is fixed. 

This is the fixed-rate payment formula under the fixed term loan.

P = [R/{1-(1+R)⁻ⁿ}] * LOAN AMOUNT

P is the monthly payment
R is the interest rate per period → 16% / 12 = 1.33% or 0.0133
N is the number of periods → 36 months

P = [0.0133 / {1-(1+0.0133)⁻³⁶}] * 13,225
P = [0.0133 / {1-0.6215}] * 13,225
P = [0.0133 / 0.3785] * 13,225
P = 0.0351 * 13,225
P = 464.1975 OR 464.20

The closest answer in the given choices is B. $464.95

The difference in both answer may be due to the decimals used in solving each step of the process.