Payoff $97,000 Debt

Calculate the monthly payment needed to pay off a debt of $97,000 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 $97,000 with an interest rate of 8.50%.
To pay it off in 1 year, you will have to pay:
$8,460 / month
You will pay a total of $4,524 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 $97,000 debt in 1 year with different interest rates:
Interest Rate Payment Total Interest
5% $8,304 $2,647
6% $8,348 $3,181
7% $8,393 $3,717
8% $8,438 $4,255
10% $8,528 $5,334
12% $8,618 $6,420
15% $8,755 $8,061
20% $8,986 $10,827
25% $9,219 $13,631
30% $9,456 $16,475
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.