Payoff $2,000 Debt
Calculate the monthly payment needed to pay off a debt of $2,000 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 $2,000 with an interest rate of 25.50%.
To pay it off in 4 months, you will have to pay:
$526.84 / month
You will pay a total of $107.37 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 $2,000 debt in 4 months with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$505.22 |
$20.88 |
| 6% |
$506.27 |
$25.06 |
| 7% |
$507.31 |
$29.25 |
| 8% |
$508.36 |
$33.44 |
| 10% |
$510.46 |
$41.84 |
| 12% |
$512.56 |
$50.25 |
| 15% |
$515.72 |
$62.89 |
| 20% |
$521.01 |
$84.02 |
| 25% |
$526.31 |
$105.24 |
| 30% |
$531.64 |
$126.54 |
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.