Payoff $5,000 Debt

Calculate the monthly payment needed to pay off a debt of $5,000 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 $5,000 with an interest rate of 7.50%.
To pay it off in 2 years, you will have to pay:
$225.00 / month
You will pay a total of $399.95 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 $5,000 debt in 2 years with different interest rates:
Interest Rate Payment Total Interest
5% $219.36 $264.57
6% $221.60 $318.47
7% $223.86 $372.71
8% $226.14 $427.27
10% $230.72 $537.39
12% $235.37 $648.82
15% $242.43 $818.40
20% $254.48 $1,107
25% $266.86 $1,405
30% $279.56 $1,710
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.