Payoff $3,000 Debt
Calculate the monthly payment needed to pay off a debt of $3,000 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 $3,000 with an interest rate of 8.75%.
To pay it off in 18 months, you will have to pay:
$178.45 / month
You will pay a total of $212.09 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 $3,000 debt in 18 months with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$173.34 |
$120.15 |
| 6% |
$174.70 |
$144.51 |
| 7% |
$176.05 |
$168.99 |
| 8% |
$177.42 |
$193.58 |
| 10% |
$180.17 |
$243.08 |
| 12% |
$182.95 |
$293.03 |
| 15% |
$187.15 |
$368.78 |
| 20% |
$194.29 |
$497.21 |
| 25% |
$201.58 |
$628.36 |
| 30% |
$209.01 |
$762.18 |
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.