Payoff $15,000 Debt
Calculate the monthly payment needed to pay off a debt of $15,000 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 $15,000 with an interest rate of 12.00%.
To pay it off in 9 months, you will have to pay:
$1,751 / month
You will pay a total of $760 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 $15,000 debt in 9 months with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$1,702 |
$314.23 |
| 6% |
$1,709 |
$377.49 |
| 7% |
$1,716 |
$440.89 |
| 8% |
$1,723 |
$504.43 |
| 10% |
$1,737 |
$631.92 |
| 12% |
$1,751 |
$759.95 |
| 15% |
$1,773 |
$953.02 |
| 20% |
$1,809 |
$1,278 |
| 25% |
$1,845 |
$1,605 |
| 30% |
$1,882 |
$1,937 |
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.