Payoff $17,000 Debt
Calculate the monthly payment needed to pay off a debt of $17,000 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 $17,000 with an interest rate of 29.95%.
To pay it off in 12 months, you will have to pay:
$1,657 / month
You will pay a total of $2,882 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 $17,000 debt in 12 months with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$1,455 |
$463.93 |
| 6% |
$1,463 |
$557.55 |
| 7% |
$1,471 |
$651.46 |
| 8% |
$1,479 |
$745.64 |
| 10% |
$1,495 |
$934.84 |
| 12% |
$1,510 |
$1,125 |
| 15% |
$1,534 |
$1,413 |
| 20% |
$1,575 |
$1,897 |
| 25% |
$1,616 |
$2,389 |
| 30% |
$1,657 |
$2,887 |
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.