Payoff $12,000 Debt
Calculate the monthly payment needed to pay off a debt of $12,000 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 $12,000 with an interest rate of 12.75%.
To pay it off in 2 years, you will have to pay:
$569.09 / month
You will pay a total of $1,658.25 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 $12,000 debt in 2 years with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$526.46 |
$634.96 |
| 6% |
$531.85 |
$764.34 |
| 7% |
$537.27 |
$894.50 |
| 8% |
$542.73 |
$1,025 |
| 10% |
$553.74 |
$1,290 |
| 12% |
$564.88 |
$1,557 |
| 15% |
$581.84 |
$1,964 |
| 20% |
$610.75 |
$2,658 |
| 25% |
$640.46 |
$3,371 |
| 30% |
$670.95 |
$4,103 |
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.