Payoff $7,000 Debt
Calculate the monthly payment needed to pay off a debt of $7,000 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 $7,000 with an interest rate of 5.99%.
To pay it off in 2 years, you will have to pay:
$310.21 / month
You will pay a total of $445.11 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 $7,000 debt in 2 years with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$307.10 |
$370.39 |
| 6% |
$310.24 |
$445.86 |
| 7% |
$313.41 |
$521.79 |
| 8% |
$316.59 |
$598.18 |
| 10% |
$323.01 |
$752.35 |
| 12% |
$329.51 |
$908.34 |
| 15% |
$339.41 |
$1,146 |
| 20% |
$356.27 |
$1,550 |
| 25% |
$373.60 |
$1,966 |
| 30% |
$391.39 |
$2,393 |
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.