Payoff $8,000 Debt
Calculate the monthly payment needed to pay off a debt of $8,000 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 $8,000 with an interest rate of 4.95%.
To pay it off in 18 months, you will have to pay:
$462.06 / month
You will pay a total of $317.16 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 $8,000 debt in 18 months with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$462.24 |
$320.40 |
| 6% |
$465.85 |
$385.37 |
| 7% |
$469.48 |
$450.64 |
| 8% |
$473.12 |
$516.20 |
| 10% |
$480.46 |
$648.22 |
| 12% |
$487.86 |
$781.41 |
| 15% |
$499.08 |
$983.41 |
| 20% |
$518.11 |
$1,326 |
| 25% |
$537.53 |
$1,676 |
| 30% |
$557.36 |
$2,032 |
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.