Payoff $38,000 Debt
Calculate the monthly payment needed to pay off a debt of $38,000 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 $38,000 with an interest rate of 7.99%.
To pay it off in 2 years, you will have to pay:
$1,718 / month
You will pay a total of $3,243 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 $38,000 debt in 2 years with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$1,667 |
$2,011 |
| 6% |
$1,684 |
$2,420 |
| 7% |
$1,701 |
$2,833 |
| 8% |
$1,719 |
$3,247 |
| 10% |
$1,754 |
$4,084 |
| 12% |
$1,789 |
$4,931 |
| 15% |
$1,842 |
$6,220 |
| 20% |
$1,934 |
$8,417 |
| 25% |
$2,028 |
$10,675 |
| 30% |
$2,125 |
$12,992 |
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.