Payoff $31,000 Debt

Calculate the monthly payment needed to pay off a debt of $31,000 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.
Current Debt
Pay Debt in
Interest Rate
You have a debt of $31,000 with an interest rate of 7.75%.
To pay it off in 3 years, you will have to pay:
$967.86 / month
You will pay a total of $3,842.82 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 $31,000 debt in 3 years with different interest rates:
Interest Rate Payment Total Interest
5% $929.10 $2,448
6% $943.08 $2,951
7% $957.19 $3,459
8% $971.43 $3,971
10% $1,000 $5,010
12% $1,030 $6,067
15% $1,075 $7,687
20% $1,152 $10,475
25% $1,233 $13,372
30% $1,316 $16,376
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.