Paying off $2,000 at 30% APR
Computed month by month.
$85/mo
pays off $2,000 at 30% APR in 3 years · $1,057 interest
$2,000 at 30% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $40/mo | never | – |
| $60/mo | 6 yr 1 mo | $2,354 |
| $85/mo | 3 yr 0 mo | $1,054 |
| $100/mo | 2 yr 5 mo | $807 |
| $200/mo | 1 yr 0 mo | $331 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $195 | $340 |
| 18 months | $139 | $508 |
| 24 months | $112 | $684 |
| 36 months | $85 | $1,057 |
| 48 months | $72 | $1,457 |
| 60 months | $65 | $1,882 |
FAQ
How long to pay off $2,000 at 30% paying 3% a month?
Paying a fixed $60 a month takes 6 yr 1 mo and costs about $2,354 in interest.
What payment clears $2,000 at 30% in 2 years?
About $112 a month, with $684 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($60-$100) is usually cheaper than 30% APR if you can clear the balance during the promo.