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.
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.