Payoff $42,000 Debt
Calculate the monthly payment needed to pay off a debt of $42,000 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 $42,000 with an interest rate of 4.99%.
To pay it off in 3 years, you will have to pay:
$1,259 / month
You will pay a total of $3,309 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 $42,000 debt in 3 years with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$1,259 |
$3,316 |
| 6% |
$1,278 |
$3,998 |
| 7% |
$1,297 |
$4,686 |
| 8% |
$1,316 |
$5,381 |
| 10% |
$1,355 |
$6,788 |
| 12% |
$1,395 |
$8,220 |
| 15% |
$1,456 |
$10,414 |
| 20% |
$1,561 |
$14,191 |
| 25% |
$1,670 |
$18,117 |
| 30% |
$1,783 |
$22,187 |
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.