Payoff $21,000 Debt
Calculate the monthly payment needed to pay off a debt of $21,000 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 $21,000 with an interest rate of 9.95%.
To pay it off in 2 years, you will have to pay:
$968.56 / month
You will pay a total of $2,245.41 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 $21,000 debt in 2 years with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$921.30 |
$1,111 |
| 6% |
$930.73 |
$1,338 |
| 7% |
$940.22 |
$1,565 |
| 8% |
$949.77 |
$1,795 |
| 10% |
$969.04 |
$2,257 |
| 12% |
$988.54 |
$2,725 |
| 15% |
$1,018 |
$3,437 |
| 20% |
$1,069 |
$4,651 |
| 25% |
$1,121 |
$5,899 |
| 30% |
$1,174 |
$7,180 |
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.