Paying off $3,000 at 30% APR
Computed month by month.
$127/mo
pays off $3,000 at 30% APR in 3 years · $1,585 interest
$3,000 at 30% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $60/mo | never | – |
| $90/mo | 6 yr 1 mo | $3,531 |
| $127/mo | 3 yr 1 mo | $1,593 |
| $150/mo | 2 yr 5 mo | $1,211 |
| $300/mo | 1 yr 0 mo | $496 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $292 | $510 |
| 18 months | $209 | $762 |
| 24 months | $168 | $1,026 |
| 36 months | $127 | $1,585 |
| 48 months | $108 | $2,185 |
| 60 months | $97 | $2,824 |
FAQ
How long to pay off $3,000 at 30% paying 3% a month?
Paying a fixed $90 a month takes 6 yr 1 mo and costs about $3,531 in interest.
What payment clears $3,000 at 30% in 2 years?
About $168 a month, with $1,026 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($90-$150) is usually cheaper than 30% APR if you can clear the balance during the promo.