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.
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.