Payoff $13,000 Debt
Calculate the monthly payment needed to pay off a debt of $13,000 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 $13,000 with an interest rate of 9.25%.
To pay it off in 5 years, you will have to pay:
$271.44 / month
You will pay a total of $3,286.32 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 $13,000 debt in 5 years with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$245.33 |
$1,720 |
| 6% |
$251.33 |
$2,080 |
| 7% |
$257.42 |
$2,445 |
| 8% |
$263.59 |
$2,816 |
| 10% |
$276.21 |
$3,573 |
| 12% |
$289.18 |
$4,351 |
| 15% |
$309.27 |
$5,556 |
| 20% |
$344.42 |
$7,665 |
| 25% |
$381.57 |
$9,894 |
| 30% |
$420.59 |
$12,236 |
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.