Payoff $9,000 Debt
Calculate the monthly payment needed to pay off a debt of $9,000 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 $9,000 with an interest rate of 8.99%.
To pay it off in 4 years, you will have to pay:
$223.92 / month
You will pay a total of $1,748.29 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 $9,000 debt in 4 years with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$207.26 |
$948.65 |
| 6% |
$211.37 |
$1,146 |
| 7% |
$215.52 |
$1,345 |
| 8% |
$219.72 |
$1,546 |
| 10% |
$228.26 |
$1,957 |
| 12% |
$237.00 |
$2,376 |
| 15% |
$250.48 |
$3,023 |
| 20% |
$273.87 |
$4,146 |
| 25% |
$298.41 |
$5,324 |
| 30% |
$324.05 |
$6,555 |
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.