Payoff $11,000 Debt
Calculate the monthly payment needed to pay off a debt of $11,000 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 $11,000 with an interest rate of 6.95%.
To pay it off in 18 months, you will have to pay:
$645.29 / month
You will pay a total of $615.13 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 $11,000 debt in 18 months with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$635.59 |
$440.55 |
| 6% |
$640.55 |
$529.88 |
| 7% |
$645.53 |
$619.63 |
| 8% |
$650.54 |
$709.78 |
| 10% |
$660.63 |
$891.30 |
| 12% |
$670.80 |
$1,074 |
| 15% |
$686.23 |
$1,352 |
| 20% |
$712.40 |
$1,823 |
| 25% |
$739.11 |
$2,304 |
| 30% |
$766.37 |
$2,795 |
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.