Payoff $24,000 Debt
Calculate the monthly payment needed to pay off a debt of $24,000 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 $24,000 with an interest rate of 7.95%.
To pay it off in 3 years, you will have to pay:
$751.52 / month
You will pay a total of $3,054.70 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 $24,000 debt in 3 years with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$719.30 |
$1,895 |
| 6% |
$730.13 |
$2,285 |
| 7% |
$741.05 |
$2,678 |
| 8% |
$752.07 |
$3,075 |
| 10% |
$774.41 |
$3,879 |
| 12% |
$797.14 |
$4,697 |
| 15% |
$831.97 |
$5,951 |
| 20% |
$891.93 |
$8,109 |
| 25% |
$954.24 |
$10,352 |
| 30% |
$1,019 |
$12,678 |
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.