# Payoff \$56,000 Debt

Calculate the monthly payment needed to pay off a debt of \$56,000 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 \$56,000 with an interest rate of 8.25%.
To pay it off in 1 year, you will have to pay:
\$4,878 / month
You will pay a total of \$2,534 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 \$56,000 debt in 1 year with different interest rates:
Interest Rate Payment Total Interest
5% \$4,794 \$1,528
6% \$4,820 \$1,837
7% \$4,845 \$2,146
8% \$4,871 \$2,456
10% \$4,923 \$3,079
12% \$4,976 \$3,706
15% \$5,054 \$4,654
20% \$5,188 \$6,250
25% \$5,322 \$7,870
30% \$5,459 \$9,511
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.