Payoff $18,000 Debt
Calculate the monthly payment needed to pay off a debt of $18,000 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 $18,000 with an interest rate of 8.00%.
To pay it off in 24 months, you will have to pay:
$814.09 / month
You will pay a total of $1,538.19 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 $18,000 debt in 24 months with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$789.69 |
$952.44 |
| 6% |
$797.77 |
$1,147 |
| 7% |
$805.91 |
$1,342 |
| 8% |
$814.09 |
$1,538 |
| 10% |
$830.61 |
$1,935 |
| 12% |
$847.32 |
$2,336 |
| 15% |
$872.76 |
$2,946 |
| 20% |
$916.12 |
$3,987 |
| 25% |
$960.69 |
$5,056 |
| 30% |
$1,006 |
$6,154 |
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.