Payoff $16,000 Debt

Calculate the monthly payment needed to pay off a debt of $16,000 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.
Current Debt
Pay Debt in
Interest Rate
You have a debt of $16,000 with an interest rate of 29.75%.
To pay it off in 3 years, you will have to pay:
$677.04 / month
You will pay a total of $8,373.30 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 $16,000 debt in 3 years with different interest rates:
Interest Rate Payment Total Interest
5% $479.53 $1,263
6% $486.75 $1,523
7% $494.03 $1,785
8% $501.38 $2,050
10% $516.27 $2,586
12% $531.43 $3,131
15% $554.65 $3,967
20% $594.62 $5,406
25% $636.16 $6,902
30% $679.23 $8,452
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.