Payoff $88,000 Debt

Calculate the monthly payment needed to pay off a debt of $88,000 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 $88,000 with an interest rate of 29.25%.
To pay it off in 5 years, you will have to pay:
$2,807 / month
You will pay a total of $80,402 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 $88,000 debt in 5 years with different interest rates:
Interest Rate Payment Total Interest
5% $1,661 $11,640
6% $1,701 $14,077
7% $1,743 $16,550
8% $1,784 $19,059
10% $1,870 $24,184
12% $1,958 $29,451
15% $2,094 $37,611
20% $2,331 $51,888
25% $2,583 $66,975
30% $2,847 $82,826
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.