Payoff $1,000 Debt

Calculate the monthly payment needed to pay off a debt of $1,000 in a certain number of months or years. It can be used for a credit-card debt, student loan debt, or any other type of debt.
Current Debt
Pay Debt in
Interest Rate
You have a debt of $1,000 with an interest rate of 12.99%.
To pay it off in 1 year, you will have to pay:
$89.31 / month
You will pay a total of $71.75 in interest.
What if You Refinance?
The effects of high interest-rate debt can be large. Here's how much you'd have to pay each month to pay off a $1,000 debt in 1 year with different interest rates:
Interest Rate Payment Total Interest
5% $85.61 $27.29
6% $86.07 $32.80
7% $86.53 $38.32
8% $86.99 $43.86
10% $87.92 $54.99
12% $88.85 $66.19
15% $90.26 $83.10
20% $92.63 $111.61
25% $95.04 $140.53
30% $97.49 $169.85
What's the Highest Credit Card Interest Rate?
In the U.S. there is no federal law that limits the rate of interest that a credit card company can charge. However, there is a maximum of 36% for active U.S. military members and their dependents.
Perhaps because of this law, there is no credit card with an APR greater than 36% as of July 2023.
In 2009, First Premier Bank offered a card with a stunning 79.9% interest rate, probably the highest ever.