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.
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.